As businesses face greater regulatory challenges, compliance management is becoming increasingly difficult. Fortunately, with rapid advancements in technology you can rest assured there will be a solution for the new challenges you face, with solutions for problems you didn’t even know were there.
However, selecting a solution takes the consideration of an array of factors, both within and outside of a product’s features, especially in the software industry” and even more-so with compliance software.
For selecting Compliance and Contract Management solutions, you may want to consider the features to look for outlined in these blogs: Key Elements of an Effective Compliance Program and Key Considerations for Purchasing a Contract Management Solution.
Once you have found a solution with the features you are looking for, you’ll have to consider the benefits offered by the solution provider. Here are 5 traits to look for in a compliance software solutions provider.
Beyond the Basics: 5 Traits to Look for in a Compliance Software Provider from ConvergePoint
- Find out who controls your documents. One horror-story I recently heard was that while a client was moving away from a previous compliance model, they had to actually purchase their own policies and procedures and contracts back from the vendor. Not only do you want to avoid this tug of war with essential documents, but you want to ensure that your sensitive data is kept strictly within your company.Which leads me to my next point.
- Before storing sensitive data on the cloud, ask the right questions. The cloud is growing in popularity, and can seem attractive as it is accessible from anywhere, but always research the fine print before committing to a cloud based solution. Issues you may want to consider before moving to a cloud provider are listed in an article on Techradar.com. The issues include that your data may be mined for marketing, it may not be encrypted “ and if it is, the person with the encryption key may not be the person with your best intention, services could be shut off, and the data center could be located in (or moved to) another country with different data laws.
- Check for hidden-fees. One factor to consider is how the licensing is purchased. You may think you have found the lowest rate, but is the price you see inclusive of everything you need”Or are there hidden fees later down the line? If you have a lot of users in mind for your new software, you may want to see if there are solutions offering licensing in other ways than a per-user basis. Another hidden fee to watch out for is with upgrades. Software based on platforms like SharePoint may also charge you for upgrades to adapt your software to the latest versions.
- Is it a building block, or just a block? Not all software has to be accepted as-is. By comparing features, custom capabilities by the solution provider, and costs for changes, you will be sure to determine which route is best for your organization. This can be beneficial for users who want to integrate another program, such as a digital signature program, with their compliance solution.
- Where does the buck stop? Once you’ve signed the contract, what is the next step in your deployment? How many hours of training will they provide? How many named support users do they offer? Do they provide you with training documentation? Find out these factors ahead of time, and how long their standard deployment is. The ideal situation would be a company with a quick deployment, and free training, documentation, and support.