Technology as a response to systemic regulatory inefficiencies

[nurmohammadkhan]

The research continues by underlining that this is just one of the expenses that companies have to sustain when dealing with the Public Administration : in addition to money, in fact, it is also necessary to spend a lot of time to be sure to correctly satisfy all the obligations.

In particular, the CNA highlights that 41.3% of companies take up to three working days per month to carry out all the required regulatory and bureaucratic procedures, 32.2% consider up to five necessary, 9.1% up to ten days and 6.8% more than ten days.



There are two factors that make managing the relationship with bureaucracy so expensive.

The first is the number of regulatory compliance requirements , which often tend to increase over time since the legislative levels are multiple: from national to international and sectoral, specific to each type of business.

The second is that the reference standards and the required obligations often change over azerbaijan whatsapp resource time and this makes their application tortuous and not always linear for those who are not experts in the field.

From this we can understand why approximately 46% of companies always need to use an ad hoc consultant to manage relations with the bureaucracy, while 36.6% declare that they use it "often": this also represents a constant outflow of resources from the company, which is forced to take them away from its own business.

Although the situation is gradually improving thanks to some targeted legislative interventions, it is clear that to reduce this friction between the two worlds - the entrepreneurial and the bureaucratic one - an acceleration is needed that can only be achieved through digitalization: in this sense, RegTech plays a fundamental role, not only for companies, but for the entire country system.

It is no coincidence that many parties are hoping for and are moving to make it possible for the Public Administration to adopt the typical logic of RegTech.