Article | November 27, 2017

Compliance Is At The Heart Of Unified And Global Retail Technology

Source: Cegid
Regulatory Compliance Elevated Standards

For brands, adapting their store technology to regulations in the countries where they're active is a vital condition to succeeding. It’s also a great opportunity to get a head start.

When it comes to store technology, the U.S. doesn't speak the same language as its immediate neighbors. So, it doesn't come as a surprise that “language barriers” also come into play with distant countries! It's not only a question of hardware and translating the software, two obstacles that can be overcome fairly easily. The system must also be in compliance with fiscal and legal requirements and industry norms in the country in question. Without this, it's paralyzed. And that's another story.

Compliance: a fiscal necessity

The fight against VAT fraud is a perfect example. For the past 18 months, several European countries have enacted new tax rules to combat fraud. "The subject concerns all countries, especially U.S. retailers that have stores in Europe, but there have been varied responses in technology", notes Emmanuel Costa, Localization Manager at the global software company, Cegid. Vendors everywhere must respond with software that's adaptable and responsive to these new regulations. "It's an obligation, but at the same time an opportunity to improve accounting efficiency", believes Costa. By choosing the right solution, brands will gain in financial transparency, inside and between their stores.