Global manufacturers such as Regal Beloit, Molex and MeadWestVaco have realized that an enterprise compliance platform should automate the process of data collection from a supply chain. Once data about finished goods (and the substances and raw materials within them) is collected, that data should be stored in a database for risk analysis, alternative assessments, compliance reporting and forecasting.
A compliance system that does all this for you can elevate materials data management to a strategic event for your company, rather than a tactical, get-it-done effort to cull supplier data as needed. Reactionary measures mean only sporadic efforts, which are costly, inefficient in terms of time and resource allocation, and inaccurate, especially if data is stored on spreadsheets or in a local, isolated database.
Business leaders know that creating a strategic program results in consistent data, enabling you to act immediately, even pre-emptively to global requirement changes. The right strategic program provides the infrastructure to perform more cost-effectively over time.