India is the new start-up nation! With third highest start-ups launched in the world after US and UK in the year 2015. To build the investors’ confidence and brand reputation, to drive the top line growth and protect the bottom line, it’s imperative for any start-up to be ready!
Compliance is all about the knowledge of rules that regulate your kind of business and complying with them. Owing to little knowledge and complexity of applicable statuettes, owners of STARTUPs shy away from it thus missing on a very important management tool that ensures security, quality and the potential expansion of the business.
ADOPTION OF TECHNOLOGY
Compliance is a crucial function where STARTUPs should integrate technology. Visualize an automated compliance management system that identifies the applicable and relevant compliances, assigns the due tasks, tracks and monitors the progress of the pending tasks and reports the status of all due compliance tasks. Compliance Management tools take the ease of compliance to another level by building comprehensive library of acts and laws and complete repository of the required documents that compliance becomes simple and efficient.
Compliance Management tools like LexComply.com with the mentoring of existing Practicing Professionals attached with the enterprises can help in providing a platform to integrate the community of Practicing Professionals and STARTUPs by way of:
1. Creating a Compliance Hierarchy,
2. Standardization of Statue wise compliance check list;
3. Reminding the due/upcoming compliances;
4. Task Management; and
5. Training of in-house team.
These tools are cost effective as it does not require any Capex on the server or creating library. These tools can be accessed 24X7 from anywhere.
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