The Road to Regulatory Compliance for Your Supply Chain Labeling
While relevant regulations and specific practices may differ from one industry to another, there are a few priorities supply chains of all kinds share when it comes to improving their industrial labeling performance.
In today's fast-moving industry, each development has the potential to cause new problems. ThomasNet pointed out the globalization of sourcing has created new opportunities for firms - along with visibility and traceability issues. The general evolution of the industry shows no signs of stopping.
"The supply chain's overall move toward digital processes will involve leaving outdated means behind."
On a positive note, enterprise leaders will likely find value in modernizing their operations, as the same upgrades they embrace to become compliant with regulations can have a positive impact on overall collaboration and efficiency.
The supply chain's overall move toward digital processes will involve leaving outdated means behind - with Gartner Chief of Research David Willis calling for a "bimodal supply chain" of immediate digital transformation.
The following are five ways organizations can enhance their compliance with important regulations and generally improve their operations:
- Standardize and Centralize Labeling: When labeling systems differ between departments and, more importantly, an entire enterprise at large, this isolated and disconnected model naturally leads to visibility and consistency problems. Dealing with regulatory bodies becomes easier when there's a standardized labeling solution with central data serving the whole organization, no matter how geographically dispersed it is. Today's solutions can even extend beyond company walls, creating direct links with supply chain partners.
- Integrate with Sources of Truth: The data fueling supply chain labels should come straight from existing business applications or regulatory databases to keep it consistent. This not only improves accuracy immediately, but it also helps firms adjust to changes - updating the main database will have an immediate impact on labels.
- Enable Collaboration and Control Between Multiple Stakeholders: Instead of having needing to rely on the IT team, it's now possible to empower business users and a range of stakeholders to gain access and control over the label elements they're responsible for. Different departments, including regulatory, can collaborate to make changes, review and approve in a more timely manner.
- Monitor and Capture Data: When labeling management systems have business intelligence tools built in, companies can design reports that address regulatory compliance. Real-time dashboards can deliver data on everything from guideline obedience to key performance indicators targeting performance.
- Be Ready to Expand: With each new market entered, there are fresh requirements to meet. Companies with high-quality automated and integrated Enterprise Labeling Solutions will be better suited to make the necessary changes quickly, without harming productivity. Unless they find ways to comply in a timely manner, these organizations may be faced with significant fines and find their shipments delayed at customs, representing a major setback.
To learn about these practices in more detail, download our eGuide: Manage Regulatory Labeling with Confidence.