Can we deny the fact that technology is reshaping the Post-Covid world?
To prove that point, we crawled out of 2021 with the single lesson that "Derive Pandemic Resilient Solution" is the only survival factor for any business. As a result of the outbreak, all industries, from manufacturing to healthcare to finance to education, are stepping forward to digitise every facet of their operations. As a consequence of this, digital automation intersects with the compliance landscape to ease the compliance process for risk-free management. In this blog, we are going to discuss how compliance automation impacts the entire business process. Identification of Non-Compliance: "Being compliant is the base for reliability." Adhering to the regulatory system not only mitigates risks but also helps to gain consumer trust and loyalty. Compliance laws, filings, and acts are continuously proliferating across the country. That means "compliant" requires perpetual monitoring, tracking, and assessment to maintain a strong compliance culture. To simplify the work cycle, an automated platform centralises the compliance tasks in one place and identifies the areas of non-compliance in real-time before they manifest as a major risk. Gaining a Competitive Edge: "Automation is the key to gain a competitive edge." Regulations, laws, standards, policies, and contracts make the compliance process cumbersome. The paper-based approach leaves room for pitfalls that cause threats to the management. Deploying automation streamlines the risk assessment in an efficient way to keep pace with the dynamic nature of the compliance structure. This reduces the burden on the workforce and lets them indulge in the tasks that create competitive advantages for your business. Being Proactive: "Being proactive is a strategy for business growth." Risk management is an important strategy to build reputational value for the business. Navigating the automation landscape helps to monitor the regulations and compliance standards proactively. This proactive approach to compliance is used to build a strategy for a risk-free business environment by predicting the potential risks. An automated framework for compliance completely eradicates human error. It provides a place to store large amounts of documents and evidence shreds for easy access and tracking. Practicing new innovative approaches and adopting technological advancements enables business growth in the Era of Information. Comply Well Technologies offers a complete cloud-based solution for compliance requirements to help various industries stay in line with the plethora of regulations and laws. If you want to ease the complexities of the compliance process, Approach us for a demo!!
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Comply Well Technologies is a new firm established with the purpose of empowering and enabling industries to comply with complex statutory laws and rules of the nation.
"To walk in line is a tough row to hoe." Compliance is a "Moving Target" and regulatory laws keep changing on a regular basis. Even Covid-19 has introduced unprecedented impacts in the statutory compliance system. To meet the compliance requirements, every enterprise strives to build its own compliance culture and create a risk-free business eco-system. This epidemic situation infused an idea of "Digitalization" into every business and it became the "new normal". Technology never ceases to evolve. The major thumb rule is to "keep pace with technological breakthroughs" to gain an edge over competitors. With that insight, Comply Well Technologies integrates core compliance knowledge into the programming landscape to structure an automated platform to overcome the compliance complexities by putting an end card to its "Myth." We intend to release S-a-a-S products in phases to meet all the requirements of Labour Law compliance standards. As a part of this quantum leap, a couple of S-a-a-S products—C-Qube & H-Bot launched by Comply Well Technologies. About S-a-a-S Products: C-Qube: Contractor's Compliance Check is cloud-based software that enables principle employers/ enterprises to collect, manage, and track the compliance requirements of contractors on a monthly basis. H Bot: Highlighting Bot is a cloud-based application that highlights and sorts out the compliance evidence from the pool of data. This unique product is a boon to those who get mired in the tiresome and monotonous activity of segregating and validating compliance evidence. SAAS for Contractor Compliance - Perquisite for Principle Employers: Over the last decade, "contracts" evolved as a "blood line" for businesses. Regardless of size, enterprises need to construct new contract architectures to regulate / protect their business bonding. "Dynamics" is the very essence of contractor labour management. This dynamic nature leaves a space for crafting pertinent contractual structures to mitigate and manage risks. Contractors are destined to keep track of the various complex projects on a daily basis. It is a daunting process for contractors to pay attention to deadlines, budgets, payroll, safety, and other compliance needs in a row. The crux of the matter is that it is very challenging to be compliant with the plethora of contractor labour regulations. "Contractual transparency" should be implemented in the various layers of the organisation to ensure smooth functioning. In a laborious task, it's not easy to attain a significant level of transparency. Manual compliance management involves the disseminating and handling of data through paper, which is prone to human errors. When the contract regime expands, organisations confront new challenges and risks that create a complicated compliance environment. To simplify these processes, several groundbreaking solutions have emerged to give a technology-centric shape to compliance management. As a result of the technological integration, manual efforts are reduced by automating the contractor compliance cycle. Technological enablement yields several compliance software packages to streamline the processes. Despite the fact that the software solution alleviates the complexities of the compliance framework, the entire compliance cycle cannot be automated as it requires a minimal level of human intervention. This demands industries to keep backup resources to avoid "overlooks" in the compliance domain. In an effort to think outside of the box, Comply Well Technologies developed S-a-a-S products to automate every single phase of the contractor compliance management cycle to ensure speed & accuracy. It’s our new proactive approach towards compliance to build a reliable platform that forewarns about the regulations and helps industries enact their compliance obligations. As we are aware, principle employers are solely responsible for ensuring that compliance criteria are met. A contractor's small refusal to comply with regulations will cause potential risks to the organisation and principal employer. By constructively articulating the digital features, we cast a digital spell to protect the principle employers and make them take strong implications for building a good relationship with contractors. There are tons of software models trying to resolve the bottlenecks of the compliance process on the grounds of automation. Comply Well Technologies embedding risks, regulations and policies in a single platform to bring massive advantages to the industry, including accessibility, scalability, flexibility, and low deployment costs. Moving on-premise applications to a cloud-based solution is a game-changing idea. Choosing the right one among them is the key to efficient compliance management. Make a smart decision to gain a competitive advantage in the market. Press Releases: https://m.timesofindia.com/comply-well-technologies-launches-two-s-a-a-s-products/amp_articleshow/90198384.cms https://www.newsvoir.com/release/comply-well-technologies-launches-two-s-a-a-s-products-19706.html Generally, people are overwhelmed by the phrase "Stay in the line". But it is the last resort to pave the way for growth. This above phenomenon is suitable for all businesses, irrespective of their size. Adhering to rules and regulations is known as compliance, which plays a vital part in business to enhance productivity and reputation. In our country, there are a plethora of compliance and regulatory acts that regulate businesses and industries. This ever-changing regulatory framework is complex and each state enforces its own laws and acts to govern the business structure. In this uncertain environment, companies have to build immunity against non-compliance. As simple as it may appear, it is not an easy task. It requires a dedicated compliance professional to ensure each decision is entwined with compliance to avoid risks and penalties.
Why Digital Platform for Compliance? "Digital" sounds like a trend, but we know it is our new normal. Even this pandemic has made us realise the importance of digital transformation. "The only way out is to incorporate the latest digital technology. “This statement is applicable for all departments. Then why not for compliance? From one perspective, the manual compliance work is heroic. There are tons of double-check check-lists, spread sheets, and documents involved in it. But it may create a space for non-compliance. It is clear that the switch over to compliance automation in the technology-driven era will help your business stay ahead in the competitive world. Let us know how compliance automation will benefit your business. Cut-off the time & manual Errors: Manual compliance consumes an abundance of time in repetitive check-ups to avoid risks. But human-dependent compliance is prone to errors. By leveraging automation & appropriate tools, you can make compliance easier. This reduces the time-consuming and painstaking manual processes and helps to build an error-free compliance culture. Optimize the use of data for discernment: The way they use existing data to make insightful decisions determines the business's growth. In the manual compliance process, it is hard to organise data in a place for analysis. Automation imparts the digital platform to consolidate the data in one place and allow the compliance team to access it for meaningful interpretation. Keep you to stick with compliance updates & changes: Compliance is a consistent process, and it should have to keep pace with the regulatory updates. If you missed out, that would have consequences for financial risk. The digital transformation of compliance makes you aware of the regulatory updates & changes. This is the most important beneficiary feature that ensures risk-free business operations. No more notices for missing compliance: Our compliance environment is changing dynamically and the regulatory system is introducing loads of changes in a year. If your company failed to meet the compliance requirements, it would face so many legal notices. It is not a healthy practice, and it degrades the business value. Automated compliance solutions can assist you in navigating this complex web of regulations. It is quintessential to integrate your business with compliance automation in order to not fall into the abyss of non-compliance. |