Turning Compliance into an Advantage
October 6, 2021
Regulations are designed to maintain a fair playing field for all parties, including businesses and their customers. However, many companies frown at the thought of making the necessary changes and adjustments to comply with new regulations. Unfortunately, these companies don’t look at the positive side of regulatory compliance to realize the underlying benefits and opportunities.
So, what benefits and opportunities do regulations have to offer? More importantly, how can you use compliance to leverage these benefits and opportunities?
Regulations are Designed to Make Your Company Better
Most businesses wouldn’t survive operating in a market without rules and regulations. Regulations serve two main purposes: to give all businesses a fair playing field and solve underlying problems and problems that may arise over time.
Ultimately, your company stands to benefit from complying with new regulations – and the cost of compliance is negligible compared to the long-term benefits. Some of the most notable benefits of complying with new regulations include:
One of the purposes of regulation is to find solutions to underlying and emerging problems, consequently minimizing risks. For example, the threat of cyberattacks is growing bigger over time, and companies are at a growing risk of losing their data. Consequently, regulators are mandating companies in some industries to back up their data regularly for auditing purposes.
Data loss can cripple a company’s operations and compromise its competitive advantage. Consequently, companies that comply with this regulation are cushioned from the adverse effects of a cyberattack.
Better Business Insights
Complying with new regulations often requires the use of a compliance management program. The program’s main tasks include finding solutions to make the company’s operations compliant and measuring the degree to which the company is compliant over time. This process involves deep analysis that generates valuable business insights and information that you can use to improve your overall operations.
The insights uncovered when measuring compliance often uncover a business’s strengths, weaknesses, opportunities, and threats. This information is useful for optimizing and driving business strategy, ultimately making your company better and more competitive.
Improved Information Management
Regulations can be a way to improve governance of information, data analysis and reporting. Some of the key points of regulations often include:
- Clean-up of obsolete content including proper disposal of personal data.
- Standardization of naming, tagging and classification of content, forms and reports.
- Retirement of outdated legacy software.
- Establishing record keeping and data management practices.
Ultimately, regulatory compliance results in greater efficiency in your business’s overall operations. The compliance process involves analyzing your business’s operations, which uncovers valuable insights, as explained. These insights include shortcomings that stifle the business’s productivity.
Addressing these shortcomings enables the company to streamline its operations and optimize efficiency. This results in several benefits, most notably reducing operation costs and wastage.
Non-Compliance Equals Self-Sabotage
Making the necessary changes to comply with new regulations can be disruptive. However, your company is obligated to play by the rules, and non-compliance will result in hefty penalties with the possibility of prosecution and imprisonment. Ultimately, non-compliant companies cannot participate in the market – at least not legally.
Consequently, failure to comply with regulations will put you in the authorities’ crosshairs and place you out of favor with customers. As such, it is prudent (and necessary) to have a positive attitude towards regulations and have an efficient compliance management system.
A lack of product quality says everything about a manufacturer. It is an indication of their commitment to complying with industry standards and continuous improvement. Following industry standards and regulations is critical to stay aligned with customers’ expected performance.
The bottom line is that those highest performing manufacturers are complying with regulations and standards. They are more efficient and productive and have earned customers’ confidence and trust. As such, ensure that you have a reliable inspection and quality management program.
High QA software automates and optimizes your quality management process with tools to maintain, validate and report compliance with industry standards and regulations. So, what are you waiting for? Request a demo today to see the most powerful quality management software that currently exists.