The Top 6 Must Haves in a Solution for Compliance ExecutivesAugust 30, 2017
Vendor Compliance is key to mitigating risks to Corporate Social Responsibility (CSR) initiatives and ensuring Good Manufacturing Practices in today’s socially connected world. The right technology can help compliance executives enforce control and accountability for all suppliers, vendors, and other third parties involved in the design, manufacturing, and delivery of the product. This helps businesses ensure compliance, avoid costly litigation, reduce downstream risks and costs of non-compliance, and win market share by building and maintaining a positive public image.
The Six Must-Haves
Vendor Compliance solutions allow organizations to not only streamline processes, but also improve the onboarding and ongoing management of global vendors for compliance, both now and in the future. As compliance executives evaluate their options, they should look for a solution designed to support the unique requirements of companies in the fashion and apparel industries. Furthermore, when looking for a technology solution, executives should keep in mind these six must-haves:
- Fast Implementation & Training
The right solution should offer quick implementation, easy integration with existing systems, and be intuitive for users to learn and navigate. In addition, executives should look for a solution that is industry-specific and doesn’t require customization, which can be costly and time-consuming. The solution provider should also provide ongoing maintenance and support to troubleshoot any issues that may occur.
- Global Accessibility
A cloud-based solution ensures global accessibility, allowing users to access the software at any time, from anywhere. In addition, executives should make sure the system includes multi-lingual support for users around the globe.
- Process Improvements
A good Vendor Compliance solution should help executives and organizations improve their existing processes. This includes creating a centralized location for all communications, standardizing processes for uniformity, eliminating manual data entry, automating control, removing subjectivity, associating calendars with alerts and notifications, and offering a tablet app for on-site assessments that work online and offline.
- On-the-Fly Reporting
Executives should look for a solution that enables on-the-fly reporting and provides immediate access to those reports while helping to eliminate the hours that could otherwise be spent consolidating data for analysis.
- Granular Security
Like any good technology solution, executives need a Vendor Compliance solution that supports security rights at the business, division, field and role levels. In addition, since vendors and third-party auditors will use the solution, the ability to allow access to third parties with restrictions based on user-defined security is key.
- Improved Vendor Management
Finally, the solution should help streamline and standardize the process for onboarding new vendors and help companies make better sourcing decisions. Additionally, the solution should help issue and manage Corrective Action Plans (CAPs) and generate supplier scorecards based on performance metrics.
NGC’s cloud-based Andromeda Vendor Compliance solution offers all of the features listed above and more. Compliance executives can take advantage of Andromeda Vendor Compliance to protect their company’s reputation and provide a solid foundation for managing long-term vendor relationships.
For more information about Andromeda Vendor Compliance and a complete checklist of the must-have features in a Vendor Compliance solution, download our white paper.