The decision to implement a new regulatory compliance system is not always easy, but there comes a point of realisation where current manual processes and efforts are too inefficient to continue, and a company cannot meet its growth goals without making a change.
That ‘aha’ moment of understanding this need for change is a key turning point, but where do you go from there? This piece will go over the different considerations, steps and lifecycles of choosing, implementing and using a regulatory compliance reporting system, geared towards the cosmetics and nutrition industries.
Define your goals
What are you trying to accomplish on a company level?
Before even considering a system, it is important to first understand your goals. What problems are you looking to solve within your team or department? How would this system line up with your company’s large-scale goals? Start broad before going into specifics.
Perhaps your company has new revenue goals it is trying to meet, and your department needs to run smoothly in order to obtain these lofty amounts. Or your company may be entering into countries it’s never sold in before and there is a goal to sell a certain number of products in a shorter time frame; this would affect your regulatory department, who’d need to ensure the compliance of all of these new formulas…