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How to Choose the Right Compliance Management Software?

Digitisation is transforming the way enterprises operate. Technology is helping automate mundane and routine tasks and freeing up executive time for managing customers and business. Digital platforms pack the power of cloud, mobile and analytics making CXOs smarter, more efficient and more productive. Indian organisations have been aggressively digitising business processes. This journey started at least 2 decades ago with Accounting followed by Payroll, Office Productivity Software, ERP, HRMS, CRM and Document Management Systems. In the current wave, CXOs are focussed on digitising Governance, Risk and Compliance Management Processes. While software is supposed to make life easier, but too often it is a source of frustration. With a growing number of software products on the market, it has become increasingly difficult to select the right one without breaking the bank. How do you sort through all the choices and find the right software product and vendor for your business? Here are a few important considerations. Smart Dashboards - Easy to use, real time, colour-coded with drill down capabilities Native Mobile Apps - IOS & Android based mobile apps to manage your compliances Flexible Workflows - Configurable workflows which adapt to your business processes Legal Update Notifications - Timely, Comprehensive, Personalised, National Updates Integrated Comprehensive Compliance Database - Comprehensive and accurate compliance database covering the law of the land Strong Analytics and Reporting - Automated and on-demand analytics and reporting capabilities to flag non-compliance and risks Integration with your Office email - Legal updates / alerts / notifications / reminders / escalations / reports on your office email Integrated Document Management System - Manage all your compliance documents and working files with version management Comprehensive Compliance Coverage - Covers all types and categories of compliances in India SAAS Based - Quick and Easy to on-board without any additional IT infrastructure and licenses Secure & Available - Best in class information security with availability when you need it You want to see most of these, if not all, in the solution. Any half-baked product will simply add to your overhead without any benefits. Making a decision to buy and deploy a software has implications beyond the financial. There are other entry and exit costs. An organisation commits a lot of intangibles such as executive time in decision making, deploying, training resources among others. In addition, there are implications on employee productivity, culture change and risk management practices. It is important to do thorough due diligence to ensure that the digital journey is smooth and you work with a vendor which has the right people, financial, technical and operational capabilities. A good selection can be a blessing and a bad one can put your organisation behind by several years.