By Mangesh Kanase
According to a new report, strict government regulations for compliance and the need for effective risk management are driving the global audit management software market. Audit management software is designed for organizations to manage all audit-related activities and to ensure that all processes are in a single comprehensive framework. This software is designed in such a manner that it supports all types of audits, i.e., operational audits, internal audits, IT audits, supplier audits, external audits, and quality audits. It also supports the audit lifecycle, i.e., audit planning, scheduling, development of standard protocols, checklists, report development, review, recommendations, and the implementation of audit recommendations.
Vendors are adding advanced features such as time tracking, built-in remediation workflows, email notification, offline audit functions, risk assessment methodologies, and more. Audit management software enables efficient audit execution and industry best practices, enhances compliance management system, improves organizational workflow, and supports the collaborative process of audit reporting.
Audit management software reduces the risk of noncompliance for companies regulated by the FDA or registered to quality standards such as ISO 9001 or ISO 14001. Vendors in this space are providing software to help clients comply with requirement such as FDA 21 CFR Part 211 (for pharmaceutical companies), the Quality System Regulation (QSR) FDA 21 CFR Part 820 (for medical device firms), and FDA 21 CFR Part 606 (for blood and blood components).
Some of the features of this software are automated planning, electronic scheduling, conflict detection, filtering and grouping, offline checklists, compliance management, report templates, and others. The major advantages of using audit management software are in simplifying the auditor’s job, reducing the effort and time period of an audit, allowing immediate access and importation of data, and consolidating, implementing and validating data.
Several developments in audit management software with reference to technology, the proliferating growth rate of the market, and recent developments and innovations, are expected to drive the global audit management software market during the forecast period of the report.
Drivers and challenges
The growing trend of automated workflow is creating a positive effect on the global audit management software market. The increasing complexities of auditing and report preparations are the major reasons for the adoption of audit management software and are fueling the global market. Other factors, such as a faster auditing lifecycle, reduced cost, and greater effectiveness, are the major parameters increasing the adoption of audit management software and supercharging the global audit management software market.
One of the major challenges for the growth of the audit management software market is handling spreadsheet-based systems for multiple types of auditing and complex businesses. Another potential challenge hindering the market growth is the threat of data hacking. Auditing contains highly confidential data which must not be disclosed at any time. However, vendors are continuously working to minimize these challenges and provide the best audit management software. It is expected that the above-mentioned challenges will be minimized by the end of the global audit management software market forecast period.
Segmentation of the audit management software market
- Type of deployment (i.e., on-premise and SaaS)
- Scale of client enterprise (i.e., small, medium, and large)
- Type of industry (i.e., telecom, manufacturing, healthcare, financial services, etc.)
A few of the key players within this space are Xactium, ACL Services Ltd., MasterControl Inc., Wolters Kluwer, IBM Corp., Thomson Reuters, SAP SE, Protiviti Inc., Chase Cooper Limited, and Workiva.
North America is expected to be the most dominant market during the forecast period. The presence of a huge number of companies and high adoption is driving the market in North America. The Asia-Pacific market is expected to be the most attractive one for vendors going forward, because the developing countries within Southeast Asia are witnessing a huge number of new business and increased IT spending.
- Market dynamics
- Historical actual market size, 2013–2017
- Forecast market size, 2018–2028
- Value chain
- Current trends/issues/challenges
- Competition and companies involved
- Market drivers and restraints
This report (get a sample here) is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors along with market attractiveness within segments. The report also maps the qualitative effects of various market factors on market segments and geographies.
- Detailed overview of parent market
- Changing market dynamics of the industry
- In-depth market segmentation
- Historical, current, and projected market size in terms of value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and product offerings
- Potential and niche segments/regions exhibiting promising growth
- A neutral perspective towards market performance
- Must-have information for market players to sustain and enhance their market footprint
About the author
Mangesh Kanase is a specialist in search engine optimized (SEO) content with a wealth of experience gathered from working in leading market research firms. Currently, he is the senior team lead for the SEO department in Persistence Market Research. Mangesh has a master’s degree in business administration from Pune University.
This article first appeared in Rapid News Network and is published here with permission. Please visit Rapid News Network for more information.