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Sep 11, 2021
6 min read

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“In today’s modern world, people are either asleep or connected” – Janice H Reinold.

Digitization is transforming the way enterprises operate. Digital platforms pack the power of the cloud, mobile, and analytics making CXOs smarter, more efficient, and more productive. Indian organizations have been aggressively digitizing business processes. In the current wave, CXOs are focused on digitizing Governance, Risk, and Compliance Management Processes.

While the 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.

1.0 Does it have all the right features?

A digital journey works better with a product that has all the features that you need to run your business.  

  • Smart Dashboards - Easy to use, real-time, color-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

  • SAAS Based - Quick and Easy to onboard 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.

2.0 Is it easy to use?

Compliance cuts across your organization. Employees at various levels of skill, experience, and technology savviness need to feel comfortable using it. If this software has to work in your organization, it needs to have a user-friendly interface. Make sure that the product is easy enough to be used by all the target users in your organization.

3.0 Is it quick and easy to deploy?

IT projects are notorious for time and budget overruns. If it takes more than a few weeks to go live, chances are the project will lose momentum and will cause headaches. In addition, the vendor needs to have strong capabilities in business discovery and compliance applicability assessment before deployment. You want to make sure that all the applicable compliances for your business are mapped in the software.

Make sure that end-to-end onboarding can happen in a few weeks.

4.0 Does it offer a “Pay as you go” Pricing Option

IT budgets are stretched. There is a constant tussle between CIO and CFO on additional capital allocation for digitization projects. A perpetual licensing option can be extremely capital intensive. However, if ‘pay as you go pricing is available, budgetary allocation and approval might be a breeze. Such a price option may help you come on board for a price that may be cheaper than the salary of a junior compliance support resource.

Make sure you discuss pricing options that suit your business with your vendors.

5.0 Who gets custody of your data in case of a divorce?

There may be several reasons as to why you may need to part ways with your service provider at some point. Under such circumstances, you will need access to all your historical data and documents. In case a service provider is unable to support your business requirements, it might lead to a significant unforeseen risk. In addition, you may need the service provider to erase primary and all data backups containing any of your records.

Make sure you discuss various options at the time of disengagement with your service provider.

In Conclusion

Making a decision to buy and deploy software has implications beyond the financial. There are other entry and exit costs. An organization 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 you and your organization behind for several years.

TeamLease Regtech is India’s leading Digital Compliance Platform. It packs the power of the web, mobile, analytics, and cloud in a multi-tenant SAAS model. Our platform enables the Compliance Officer with real-time dashboards empowering them with a comprehensive view of the status of compliance-based risks, categories, entities, and geographies. This allows them to make appropriate interventions to contain risks arising out of non-compliance resulting in improvement in on-time compliance. Essentially, it leads to a shift towards greater accountability and transparency and the ability of the management to provide more transparent assurance to the board has improved drastically.

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