November 28, 2020

Ask These 5 Questions Before Paying For Compliance Management Software

Companies in India have a hard time managing their regulatory & statutory requirements. For most businesses, compliance itself is more like a hurdle, and it’s not surprising that a huge percentage of these companies are paying huge in penalties and fines, often because they were not sure what compliance meant for them in the first place. The simplest way to get compliance updates in India and keeping up with the changing regulatory environment is to install compliance management software. The purpose of such software is to ease compliance for companies by offering them a comprehensive system that covers everything. If you want to use compliance management software for your company, we recommend that you ask these important questions.

Can our people use the software?

The on-boarding experience is something that businesses need to be careful about, more so because compliance matters to every department and aspect of operation. The software should be easy to install, and more importantly, even easier to use. A user-friendly interface is an absolute must, and it has to be evaluated based on the work profile and expertise of people using it within the organization.

Can we expect deployment support?

Installing and running a software can be a huge hassle at times, and when it is a matter of compliance, you cannot wait for weeks. Keep in mind that integrating a new system within the existing framework of your company can be a challenge in many ways, because there are things about your company that cannot be changed. So, how much time should it take to complete the deployment? Ideally, not more than two to three weeks.

How does the pricing work?

Let’s face it – Most growing and new companies don’t have the budget to install compliance management software, and therefore, it is not wise to spend on a system that you have not tested. The best idea is to find a company that doesn’t compromise on the features of the software and yet offers a ‘pay as you go’ option. Talk to vendors about how they go about the pricing and find a software that encompasses all things that may matter for your company’s compliance needs.

Finally, do check if the compliance management software is scalable. As your company grows, the compliance and statutory requirements will grow, as well, especially if operations extend to international territories and other states. Check online for compliance management software now!