Compliance Management: How It Helped a Consumer Products Company to Reformulate Products With Net Sales Value Over $230 Million | SpendEdge
LONDON--(BUSINESS WIRE)--Apr 19, 2019--SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their compliance management study for a consumer products company.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190419005077/en/
Compliance management study for a consumer products company. (Graphic: Business Wire)
The company wanted to reformulate, test, produce and distribute over 250 of its products while addressing local municipalities deadlines for regulatory compliance using FDA guidelines. The key objectives they aimed to achieve through this engagement were as follows:
- Objective 1: The company wanted to distribute products worth $150 million (net sales value).
- Objective 2: They were also interested in building a compliance management system that can reduce the pressure on their internal corporate team.
- Want to gain more information? Request a free demo and see how our solutions can help you address the FDA guidelines apart from mitigating unprecedented risks.
“Compliance management system is imperative for companies to ensure that any business or legal actions taken are within legal parameters. It ensures that the ′ appropriate’ actions have been taken in order to prevent incidents and mitigate risks,” says a procurement expert from SpendEdge.
Key findings and solutions offered
In collaboration with SpendEdge, the client – a global consumer products company – was able to create the user-defined workflows for approvals and reviews based on the organizational hierarchy levels. The solution offered helped them to:
- Gain various statistics required in the FDA guidelines to determine if the product has been properly manufactured, distributed and stored.
- Improve built-in and customizable workflow capabilities while ensuring internal compliance in the company.
- Interested in improving workflow capabilities? Request a free proposal and access our complete portfolio of compliance management solutions today!
Outcome: SpendEdge enabled the consumer products company to challenge the status quo to simplify the reformulation process and increase the efficiency of the organization. This allowed the client to consolidate business intelligence across divisions and gain global visibility into the risk and compliance initiatives. The solution offered further helped the company to reformulate products with a Net Sales Value over $230 million and 0.9 million under budget.
To access the complete case study on compliance management, get in touch with our experts here!
SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions.
Request free proposal to know more, https://www.spendedge.com/request-free-proposal
View source version on businesswire.com:https://www.businesswire.com/news/home/20190419005077/en/
US: +1 630 984 7340
UK: +44 148 459 9299
INDUSTRY KEYWORD: SUPPLY CHAIN MANAGEMENT HEALTH RETAIL FDA
Copyright Business Wire 2019.
PUB: 04/19/2019 09:49 AM/DISC: 04/19/2019 09:49 AM