With the focus being on improving and taking care of the entire ecosystem—the customers, employees and of course the environment—there is an increasing amount of pressure on companies to be compliant in every aspect of their business, including their supply chain networks.
Regulations are becoming more stringent
Ensure that you comply with the laws and standards that exist locally, nationally and internationally
There are a number of mandatory requirements cropping up, such as Europe’s REACH (Registration, Evaluation, Authorization, and Restriction of Chemicals) and RoHS (Restriction of Hazardous Substances). Such initiatives increase pressure on regulations and legislations that take care of environment. They solely support businesses that are sourcing ethically.
For businesses today, in order to be profitable and sustainable, and operate at a global level, they need to understand fully the importance of being compliant. They need to ensure they comply with the product and supply-chain laws and standards that exist locally, nationally and internationally. Non-compliance can spell danger.
Consumer awareness is rising too
Social media and connected life is taking the world by the storm. Bad reputation can be detrimental to businesses
Apart from the official diktats coming in from such organizations, the consumers are also becoming aware of the advantages of dealing with businesses that comply with standards, and that takes care of its surroundings.
Thanks to the proliferation of social media, and the emergence of new media, people want to stay away from companies that hold a bad reputation of carrying operations unethically or not taking care of stakeholders, be it external or internal. This added pressure means that companies need to ensure that their entire supply chain operations, right from supplier base to procurement, to manufacturing or logistics is compliant at all levels.
Compliance is mandatory
And it is a confounding tricky business too
Compliance is a complicated and a serious affair. One wrong move or even an inadvertent error can be harmful for business and customers. There are umpteen challenges associated with compliance regulations.
Making sure every aspect of your supply chain networks takes into account the nitty-gritty’s involved is a formidable task. Managing your raw material, or taking care of your ever-expanding supply base or coordinating with logistics, legal and other departments is an onerous challenge. The supply chain has a number of disparate functions, all merged into one, and communicating and managing huge amount of data from all channels is the biggest challenge of them all.
Accurate information, intelligent insights
Right information at the right time helps identify risks quickly and mitigate them effectively
In order to build an effective supply chain that is free from the risk of non-compliance, ERP-CRM technologies take care of end-to-end supply chain and compliance needs. Highly advanced supply chain diagnostic technologies take into account the changes in compliance policies across the globe. They manage your supply chain, assess supply chain risks, and take up due-diligence. This way such technologies help you in ensuring robust governance and compliance.
The most important element in compliance is having the complete and accurate information on your supply chain—all suppliers, sub-suppliers, components, materials, factories, and products, as well as the relationships between them. Manually getting hold of this humongous amount of data and managing it is quite impossible.
With the right technology in place, however, you can adeptly manage and cull out needed information at the right time. An ERP-CRM system maps these components in a centralized system, enabling you to gain high visibility on all your operations, functions and stakeholders. This way you are able to follow regulations, identify risks quickly and mitigate effectively.
Global market access
Global acceptance depends heavily on compliance to national and international policies and standards
As business expands, so do the number of rules, policies and regulations that they necessarily need to follow. Businesses must also be prepared to take care of various, national and international laws and policies, as they expand their operations. Understanding hundreds of important policies at every step and more importantly, being aware of them at any given time, cannot be done without the right technology. ERP-CRM systems help organizations to stay informed of these laws and requirements, thus being a huge help for companies implementing the right processes throughout.
Advanced supply chain solutions are the future of tomorrow. Invest in the right vendor that can hand-hold your business and make it profitable, compliant, and sustainable.