10. Scalability and adaptability for a growing business
Scalability is a major advantage of an integrated compliance platform. An expanding business inevitably has to add more employees, deal with a heightened number of regulations and navigate risks such as supply chain violations. With a number of different digital tools under one roof that are constantly updated by the software provider, a firm will be well positioned to navigate new areas of compliance and deal with an increasing number of violations without a drastic increase in the manpower of its compliance team. Extra software modules catered to specific compliance areas can be easily added.
Furthermore, a rapidly growing business expanding internationally may also need to apply new language functionality to its operations, a step that can prove time-consuming for companies using older compliance technology. Modern integrated platforms can be easily modified to incorporate a host of new languages with relatively little effort, ensuring the compliance team is on the same page despite potential linguistic barriers and differing global regulations.