Life sciences companies must streamline compliance. Old workflows are failing. Companies are unable to quickly track new and changing internal, state, federal, and international laws. Hiring more employees to deal with the challenge is too expensive. Constantly updating legacy systems and manual business processes is too time consuming. All of it sucks the energy out of employees and executives alike. In addition, failing to stay on top of compliance could mean hefty fines and damage to the brand's reputation.
What Is a Responsible Executive to Do?
For starters, turn to technology. COTS SaaS (commercial off the shelf, software as a service) applications are one way to go. They are run by third party vendors, who keep up with the laws and make necessary updates for you. Cloud-first technologies are removing manual processes. You and your staff just have to input the information.
Also, the intuitive systems make it easy to follow and accurately report to the authorities. These applications also provide a way to keep information in one place. It is accessible to appropriate staffers. As a bonus, compliance technology keeps a running log of various data. Then, this information can be used to weed out bad actors, recognize best practices, and even strategize.
How to Begin to Streamline Compliance
However, before investing in such technology businesses should take the following action:
- Outline current systems and their flaws.
- Identify the resources necessary to upgrade compliance with the latest technology (budget, employees, etc.)
- Make sure all relevant parties have a voice in the decision (senior execs, IT, etc.)
- Study your options to find the right fit
- Ask the right questions about the technology and how it will meet your specific needs
- Take the plunge
Is your company in need of some serious compliance technology upgrades? Do you want to rest easier at night, knowing your company is being lawful? Then, you should streamline compliance. You can learn more about how to do it in “Top 5 Strategic Technology Trends for Life Sciences Companies.” This e-book is chock full of information relevant to leaders in the industry. Let me know your thoughts. Reach me at email@example.com.