By Kerrie Foy, Director PLM Product Marketing, Oracle
Depending on severity, product compliance issues can cause various problems from run-away budgets to business closures. But effective policies and safeguards can create a strong foundation for innovation, productivity, market penetration and competitive advantage. If you’ve been putting off a systematic approach to product compliance, it is time to reconsider that decision.
Why now? No matter what industry, companies face a litany of worldwide and regional regulations that require proof of product compliance and environmental friendliness for market access. For example, Restriction of Hazardous Substances (RoHS), a regulation that restricts the use of six dangerous materials used in the manufacture of electronic and electrical equipment, was originally adopted by the European Union in 2003 for implementation in 2006 and has evolved over time through various regional versions for North America, China, Japan, Korea, Norway and Turkey. In addition, the RoHS directive allowed for material exemptions used in Medical Devices, but that exemption ends in 2014. Additional regulations worth watching are the Battery Directive, Waste Electrical and Electronic Equipment (WEEE), and Registration, Evaluation, Authorization and Restriction of Chemicals (REACH) directives. Additional regulations are expected from organizations such as the Food and Drug Administration in the US and similar organizations elsewhere. Meeting compliance requirements and also successfully investing in eco-friendly designs can be a major challenge. It may involve transforming business models, go-to-market strategies, supply networks, quality assurance policies and compliance processes. Without a single source of truth for product data and without proper processes in place, ensuring product compliance burgeons into a crushing task that is cost-prohibitive and overwhelming. However, the risk to consumer goodwill and satisfaction, revenue, business continuity, and market potential is too great not to solve the compliance challenge. Companies are beginning to adapt and thrive by implementing systematic approaches to product compliance that are more than functional bandages, they are revenue-generating engines.
Consider working with Oracle to help you address your compliance needs. Many of the world’s most innovative leaders and pioneers are leveraging Oracle’s Agile Product Lifecycle Management (PLM) portfolio of enterprise applications to manage the product value chain, centralize product data, automate processes, and launch more eco-friendly products to market faster. Particularly, the Agile Product Governance & Compliance (PG&C) solution provides out-of-the-box functionality to integrate actionable regulatory information into the enterprise product record from the ideation to the disposal/recycling phase.
Agile PG&C is a comprehensive solution that makes product compliance per corporate initiatives and regulations more reliable and efficient. Throughout product lifecycles, use the solution to support full material disclosures, gain rapid visibility into non-compliance issues, efficiently manage declarations with your suppliers, feed compliance data into a corrective action if a product must be changed, and swiftly satisfy audits by showing all due diligence tracked in one solution.
Given the compounding regulation and consumer focus on urgent environmental issues, now is the time to act. Implementing an enterprise-wide systematic approach to product compliance is a competitive investment. From the start, Agile PG&C enables companies to confidently design for compliance and sustainability, reduce the cost of compliance, minimize the risk of business interruption, deliver responsible products, and inspire new innovation. Don’t wait any longer!
To find out more about Agile Product Governance & Compliance download the data sheet, contact your sales representative, or call Oracle at 1-800-633-0738.