Posted by Indusa Admin on November 16, 2015 12:50 pm
Businesses are increasingly faced with an astounding amount of complex mandatory regulatory requirements. Compliance can be a complicated and costly endeavor for many organizations as they try to juggle all of their requirements without fail. ERP software with an out of the box compliance module can ease the burden of this challenge. You’ll find that compliance management can be simplified and streamlined – resulting in lower costs, increased overall efficiency, and better control of the associated risks.
Key Compliance Management Features in Microsoft Dynamics AX
The compliance module in Microsoft Dynamics AX offers a robust array of features to navigate the complex regulatory requirements that your organization faces. This portal allows easy access to required documentation, internal controls, and status tracking functions. You can also maintain a document library, in order to store and share relevant information about compliance procedures.
Key performance indicators are easily viewed with graphs and charts that detail the effectiveness and efficiency of compliance measures. This allows for greater visibility into regulatory procedures and the overall compliance management processes.
To help you better understand the key benefits of Dynamics AX’s compliance module, we’ve outlined a few considerations below.
Empower Your Employees
Dynamics AX is easy to learn and use, allowing for your workforce to be active and informed about necessary compliance measures. Administrators can tailor roles specific to individual’s needs so every employee has access to required information. Roles can be customized to individual preferences, allowing you to focus on key areas of job-specific regulations. Compliance alerts provide easy to understand information in order to facilitate faster response times to any compliance related issues.
Control Your Processes
By combining standard operating procedures with the automation of certain tasks you can increase your operational efficiency while maintaining regulatory compliance. With AX you can create individual workflows or business processes to automate compliance with corporate policies and procedures. You can then embed these workflows into standard operating procedures in order to respond quickly to any changing needs. These standardized processes ensure consistency and efficiency of your business. You can also track the status and history of a specific workflow to analyze its efficiency and whether any changes are necessary – keeping you on top of your regulatory needs at all times.
Stay On Top Of Audits
Another function that easily falls under automation is audits. You can define common audit rules, such as random sampling of expense reports, purchase orders, or vendor invoices, then schedule them to run automatically on a recurring basis. You can further enhance your audit policies by defining specific audit rules which can then be applied to one or more aspects of your organization. After the completion of an audit, they are then grouped into cases. These groupings make it easy for your auditors to research and monitor any violations. On top of these functions, AX also provides a track and trace feature – detailing the origin of entry, by the user who created it, and the date and time it was created. This module also allows you to create alerts and logs to monitor changes to sensitive data.
Meet Compliance Requirements
Whether it’s legal, financial, or environmental regulations, Dynamics AX can ensure that your organization is staying on top of all your procedures. International requirements are also incorporated into the compliance module with integrated support for dozens of countries and languages. This module also has numerous industry specific regulatory functions such as: real-time monitoring, stringent measuring procedures, and shelf-life monitoring. Alerts can notify users, or their supervisors, when employees are being non-compliant. The environmental sustainability features of AX also allows you to monitor energy consumption and other green initiative metrics.
With the improved visibility and control that AX offers, you’ll be able to monitor and enforce regulatory procedures in a more efficient manner. This module provides you with a single location for all policies, procedures, documents, logs, and other necessary compliance data. Assign employees role specific duties under the security module, ensuring you have complete control of their access privileges. Combined with innovative business intelligence tools, the compliance module in Dynamics AX enables you to gain better insight into the operations and
function of your organization.
Compliance has undoubtedly become one of the most costly business processes. By using Dynamics AX however, you can reduce overhead costs with its stringent regulatory functions while having the ability to automate tasks. With its out of the box functionalities and a user friendly design, your employees will be better equipped to deal with any regulatory hurdles that come their way.
Whether you’re looking to improve your audit efficiency or gain better insight into your policies, Microsoft Dynamics AX will provide you with the functionalities needed to keep your business cost-effective and compliant. The numerous features of the robust compliance module allow you 360 degree view into all of your activities and ensure even the most stringent regulations are being followed.
For more information about how the right ERP can improve compliance management at your organization, click below to request a Microsoft Dynamics AX demo.
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About the Author – Sarah Van Wambeke
Sarah is an avid writer and digital media enthusiast. Here at Indusa, she primarily focuses on content creation and social media management.