Manufacturing, distribution, and retail companies grapple with intricate operational demands—balancing supply chain dynamics, stock control, product development, and customer relations. Daily management of these facets is already demanding, and adherence to stringent quality and compliance standards adds another layer of complexity.
The Imperative of Quality Production and Legal Compliance
The cornerstone of consumer safety and satisfaction lies in the delivery of superior products within the bounds of legal compliance. This not only protects customers but also cultivates a loyal consumer base and a respected brand image. However, the intricacies of compliance can introduce additional complications to processes such as audits and documentation revisions.
Faced with a myriad of regulations, how can businesses in these sectors maintain compliance while managing their internal operations effectively? It all starts with the right strategy and the right technology. One of the most important ways to easily maintain compliance is using an ERP like Acumatica to store your business’s data.
Assurance and Compliance with Acumatica in Three Steps
Here’s a simple three-step process to help you strategically use your Acumatica ERP for compliance purposes.
1. Identifying Relevant Regulations
Before you can be compliant with a regulation, you need to know what it says! With your team, you should take some time to review all the compliance regulations for your industry.
Businesses encounter six primary categories of regulations, each with varying degrees of intricacy:
- Business and Finance: This encompasses tax compliance, IFRS, GAAP, and SOX mandates for accurate financial reporting.
- Information Technology: IT regulations span PCI security standards, ISO 27001, CAN-SPAM Act, GDPR, FedRAMP, and AICPA’s SOC, SSAE, and ISAE standards.
- Industry Restrictions: Global standards by ISO and sector-specific regulations by AIAG, ANSI, ASTM International, and SAE International.
- Labor Laws: Includes OSHA, HIPPA, Fair Labor Standards Act, and FMLA.
- Trading Partner Compliance: Quality restrictions set by customers and vendors, such as EDI, labeling, packaging, and product standards.
- Other Government Regulations: Varies by location, including EPA, FDA, FTC, and CPSC in the US.
Understanding which regulations apply to your specific business is crucial for compliance.
2. Integrating Data with Business Functions
Now that you know which regulations your business must comply with, it’s time to deal with your data. Not only must you decide what data to store and how to store it, but you must document key processes and assess those processes.
Here are six key areas to keep in mind when focusing on upholding regulatory compliance:
- Documentation: Record standard procedures, work instructions, safety protocols, and compliance mandates.
- Training: Oversee employee qualifications and conduct necessary retraining or certification.
- Accuracy: Document product quality tests and ensure report precision.
- Reporting: Use precise reports for assessing vendor performance and operational efficiency.
- Security: Implement robust security measures to safeguard data integrity and prevent cyber threats.
- Process Control: Monitor change requests and maintain product standards.
This may not be every area where regulations apply, but they’ll get you off to a good start!
3. Leveraging Appropriate Technological Solutions
Now that you know the relevant data regulations and are collecting the right data, it’s time to automate wherever you can. After all, most automated processes are much cheaper, faster, and less prone to errors than manual processes.
The intricacies of compliance and data integration highlight the need for advanced technology. Modern business management systems are essential for connecting processes to actionable data and achieving compliance.
- Selecting the Right Technology: Identify a system that simplifies the aforementioned processes—documentation, training, accuracy, reporting, security, and process control. It’s a good idea to start with an ERP like Acumatica in order to centralize your data, then go from there into any additional software solutions you may need.
- Harnessing Acumatica’s Features: Acumatica’s features support employee skill management, data accuracy through AI and machine learning, and robust security measures. It also offers streamlined reporting capabilities and automated workflows.
Through all these features, Acumatica reduces errors and maintains compliance through connected lifecycle management and product standards.
Ready to Get Started?
If you’re looking for an ERP like Acumatica to help your business maintain compliance, our team of experts are here to help. Contact us or schedule your free consultation today to get started.