{"id":4463,"date":"2021-04-06T21:20:26","date_gmt":"2021-04-06T21:20:26","guid":{"rendered":"https:\/\/dynamics.folio3.com\/blog\/?p=4463"},"modified":"2024-01-23T10:53:12","modified_gmt":"2024-01-23T10:53:12","slug":"compliance-tracking-system","status":"publish","type":"post","link":"https:\/\/dynamics.folio3.com\/blog\/compliance-tracking-system\/","title":{"rendered":"Compliance Tracking System In Manufacturing Compliance"},"content":{"rendered":"

Regulatory compliance isn\u2019t a \u201cloved\u201d word for most industries, especially manufacturing industries. In fact, the mere mention of \u201ccompliance\u201d is enough to create panic amongst manufacturing industries as they scramble to reassure compliance against various complex regulations. The panic and anxiety of manufacturing businesses to ensure regulatory compliance is understandable; given the fact that there are multiple complex regulations to comply with. Also, any complacency in compliance (one bad audit, or lowly inspection) may cost businesses massive financial losses, as well as, administrative penalties; not to forget the blemishing scar it may leave on the company\u2019s reputation.<\/span><\/p>\n

In an ideal world, regulatory compliance may seem to be a linear process, for businesses may continue operating as they have always to remain complaint. However, the reality is far from the ideals and seasoned leadership understand the various complexities and intricacies involved in regulatory compliance. The regulatory landscape is ever-changing, and to make it more challenging for businesses the technological advances make it compulsory for a business to remain vigilant and adaptable to ensure compliance with regulation and promote a safe working environment in the company.<\/span><\/p>\n

Now, there is little debate on whether manufacturing businesses need to take compliance seriously. Instead, the bigger debate is, how businesses can implement manufacturing compliance the right way, to create a safer and healthy work environment, as well as, keep up with the daily operations.<\/span><\/p>\n

That\u2019s where Enterprise Resource Planning (ERP)<\/a> system comes into play. In today\u2019s digital age that\u2019s driven by automation, ERP platforms bring a host of viable, and high-utility functions for businesses to keep up with compliance tracking, while also maximizing the efficiency and productivity for business operations. ERP systems bring in automated and fully integrated features for companies to ensure compliance tracking for all relevant regulations. Also, by seamlessly integrating various business functions, the platform helps companies to ensure higher productivity, minimize errors, as well as, reduce production costs by avoiding labor-intensive manual processes.<\/span><\/p>\n

What is compliance tracking?<\/b><\/h2>\n

Now, before we explore the potential of ERP as compliance tracking systems, it\u2019s better to adequately define the compliance tracking, so as to set realistic expectations for the ERP platforms.<\/span><\/p>\n

To put it simply, compliance tracking refers to the process of gathering, structuring, and monitoring all relevant compliance-related information to ensure there are no cracks or loopholes in the business functions. The process of compliance manufacturing tracking system is also responsible to ensure compliance requirements are met as per the regulations of the Environmental Protection Agency (EPA), Occupational Safety and Health Administration (OSHA), and any other mandatory regulation that should be met. Ideally, compliance tracking systems should also keep track of internal & external audits and inspections.<\/span><\/p>\n

With an ever-changing regulatory landscape, a robust and comprehensive compliance tracking system ensures that the company is kept informed of the latest changes, as well as, understand the scope and impacts of regulations on the business.<\/span><\/p>\n

What is a compliance system?<\/b><\/h2>\n

A compliance system refers to an integrated process that involved automated controls, tools, functions, processes, and written documents required to assist organizations in keeping up with the legal requirements of the industry, as well as, to create a safe and healthy work environment.<\/span><\/p>\n

The role of ERP software in compliance tracking<\/b><\/h2>\n

The conventional approach for compliance tracking includes a manual approach, where spreadsheets, papers, and files were used to keep up with the compliance requirements. However, as can be expected, not only this approach is hugely inefficient, but also significantly prone to errors. Also, the approach didn\u2019t have the means required to keep track of the progress over time or to collect and manage relevant data. This greatly makes the efficiency, and accuracy of the manual compliance tracking process questionable, as there always remains a risk of missing out on crucial details, which may impact the health, and safety of the organization.<\/span><\/p>\n

Contrarily, ERP systems bring a digital and automated approach to compliance tracking that\u2019s not just fast, but also highly accurate, and reliable as compared to the manual approach. The ERP systems over time have greatly improved in terms of features, and functionalities, bringing in advanced compliance tracking features to keep up with the regulatory changes. Today, manufacturing companies are integrating ERP platforms<\/a> with legacy systems to create a more comprehensive and inclusive manufacturing tracking system. Below are some benefits of ERP systems for manufacturing compliance tracking;<\/span><\/p>\n