The manufacturing industry is on the verge of the 4th Industrial Revolution, which would mean major transformations of the way we produce products. Often referred to as Industrial 4.0, these technological advancements are set to bring the automation of machines and robots to the center stage. While many would dismiss “Industrial 4.0” as just a buzzword, real changes are happening and Industry 4.0 is predicted to create a value of about USD 3.7 trillion by 2025.
One of the critical steps toward embracing the 4th Industrial Revolution would be the modernization of compliance programs. It’s important for companies to be able to drive this technological revolution while remaining compliant.
Modernizing and transforming compliance helps organizations incorporate new technologies while remaining in line with the existing business strategy to create value across the enterprise. An effective compliance strategy should pull one or more productivity levers, using automation technologies, including RPA, to help enterprises simplify, centralize, automate and enhance their processes. The image below outlines some of the modernization options that can help companies drive innovation, increase productivity with reduced cost, and create value across various elements of compliance framework.
Applications and Use cases
Compliance modernization holds tremendous opportunities for organizations, and can be implemented throughout the regulatory affairs framework. Let’s look at the possibilities of modernizing compliance for the submission and variation management system of an organization through automation and cognitive systems.
Most companies have the specifications and parameters for manufacturing in the form of documents and PDFs. Managing multiple sets of specifications can often become cumbersome. And, whenever a change has to happen, it goes through an approval system that is quite challenging, as changes are embedded in the dossier and are hard to identify. Modernizing compliance can help transform this system in order to drive productivity across several elements.
This is how an intelligent submission and variation management system would look:
The use of cognitive systems, like software bots and NLP mechanisms, contributes to easier change management and streamlined communication between regulatory and manufacturing.
Benefits of Modernizing Compliance
Increased productivity is not the only benefit that organizations can leverage from modernizing compliance. It also:
- Increases efficiency: Unlike conventional systems that rely on manual, repetitive tasks for regulatory reviews and submissions, intelligent regulatory mechanisms will involve software bots. This will rule out human error and regulatory professionals will be able to dedicate more time to important strategic activities and the development of new competencies.
- Improves end-to-end visibility: Streamlining regulatory framework will lead to a decreased cost for compliance while enabling greater transparency across elements.
- Reduces cost: Automated processes will provide much needed support to regulatory professionals in their everyday activities, while reducing labor and time for regulatory lifecycle management and ultimately reducing cost.
- Prepares companies better for technological advancements like Industry 4.0: As the 4th Industrial revolution approaches, digitizing compliance will not only equip your regulatory system with the right tools it will also help you make a smooth transition into the modern workforce.
To Wrap It Up
The 4th Industrial Revolution will involve the massive digitization of manufacturing processes with cognitive and automation systems. This is expected to impact regulatory systems drastically, as most processes still involve manual, repetitive work. While many will debate how soon the change may happen, the important fact is that change is inevitable, and our regulatory systems are not ready for it. Companies need to streamline their regulatory processes while modernizing compliance. This will make them better at transforming while keeping their productivity intact.
Compliance is a key element for any company undergoing changes as part of the wide-reaching fourth Industrial Revolution and digitization makes it all the more easy to operate within the parameters expected of an enterprise. Having a fully digitized system allows for easier access, speedier searching, lower labor costs, and gives the enterprise crucial experience in the field of adaptation.