A few weeks back, I had a discussion
with a client about Product Compliance. It was a very interesting as some of
them saw compliance as a necessary evil, which was complete opposite to my
perspective.
Organizations today are facing a
constant challenge to keep up with ever changing product regulation. Every year, quarter brings increased global product
compliance laws, which requires increased spending by companies to mitigate the
high risk of being non-compliant and to keep up with constantly changing laws.
Companies can see this as a
necessary evil or as an opportunity to growth enabler. Those that see as
necessary evil take a project-based approach, while forward thinking companies
take a holistic approach and take a process-oriented approach. Organization need to view product compliance
as a growth enabler.
The risk of being non-compliant
increases as the product progress across different product stages.
Forward looking organization follows
a simple guideline:
· Enable compliance in early product stage,
putting less pressure in the downstream stage
· Design for “Social Compliance” which includes
stakeholders like NGO, people, government as will play an important role in
acceptance of a product
· Take a proactive process based approach so the
products are prepared upfront for any legislative changes
· Educate and collaborate with suppliers early in
the process putting less pressure on suppliers which allows companies to get
the compliance date in-time
· Electronically manage compliance data is well
designed system
Product compliance does address
risk, but with vision also provides growth opportunity for organizations as it
prevents expensive product recall & product delays thus increasing revenue and profit. Compliance is a living process, and not a
point in time – but an ever-evolving process to meet compliance.
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