7 Reasons Why Regulatory Compliance Benefits Your Business
The importance of staying up to date with federal, state, and industry compliance regulatory standards cannot be underestimated. This is especially true for the supply chain industry where an entire ecosystem depends upon seamless, quality-driven processes. Setting and maintaining the highest level of standards from your network, customers, and your team is paramount. These requirements help ensure that you mitigate risks—and avoid potential issues that could be irreparably damaging to your company’s reputation, customers, stakeholders … and bottom line.
Here are seven reasons why staying up to date with regulatory compliance obligations will benefit your business:
- Increases Product Positioning and Market Approval: Knowing that your product is officially approved to be sold to your target market and is properly prepared for the end user will set you apart from the competition. During part commercialization, it is imperative that your products meet all the specific requirements in their respective regulatory space to help prevent any disruption of service.
- Improves Efficiency and Internal Processes: Having buy-in from your entire organization offers significant advantages. When every employee participates in job-specific safety training and has the know-how to closely follow both department-specific and company-wide policies, the result is (mostly) hassle-free processes, high levels of safety and quality, and uninterrupted workdays.
- Establishes Trust and Improves Your Reputation: Building and cultivating a trustworthy reputation is critical to your organization’s success. If your potential and existing customers know your products and services comply with well-established quality standards for your products and/or services, they will be more likely to do business with you.
- Prevents Penalties and Fines: Fines and penalties can be costly, waste valuable time, and hinder profitability. Whether you get your license revoked and are unable to meet your business objectives or pay a mandatory fine, your business and your reputation could be tarnished.
- Helps Minimize Legal Troubles: Complying with state, federal, and industry regulations can help you avoid costly lawsuits from unhappy customers. When your company adheres to stringent regulations and achieves the proper certifications, the threat of legal issues subsides.
- Boosts Revenue: When a business demonstrates they are compliant, they are showcasing the fact that their products or services adhere to the highest standards of safety and quality. Being compliant can be a major differentiator from the competition. Ultimately, this will help drive sales.
- Adds Peace of Mind: Whether you’re an employee, stakeholder, or business owner, it’s comforting to know your organization has the right processes in place to minimize risks, ensure quality is always top of mind, and you are looking out for your customers’ best interests.
Ensure the Supply Chain Ecosystem Runs Smoothly.
Remember, policies and procedures are in place for a reason—to protect your business and your customers. Organizations must maintain compliance, otherwise a myriad of mandatory external audits, legal actions, lost customers, and stifling fines could be on the horizon.
Keep in mind, the ever-changing landscape of compliance and regulatory terrain can be challenging to navigate. Many businesses simply don’t have the expertise, time, or internal bandwidth to stay on top of rapidly evolving rules and regulations. Having a third-party expert (and partner) join your team can be a gamechanger! A regulatory expert or team will immediately bring unparalleled expertise to your business, take away the guesswork, and address your business’s most pressing needs.
Safeguard Your Business…
Kem Krest manages regulatory compliance capabilities as a specialty, making sure you are up to date on federal and state requirements. Chemicals, labels, and packaging all necessitate state, federal, and global compliance. Kem Krest’s compliance expertise is second to none and sets the standard for the industry and includes:
- Product Stewardship
- Customer Registrations
- Trade Compliance
- Certified DOT and TDG Transportation Specialists
Contact us today to get started!
Kem Krest, a certified minority business enterprise (MBE), is the nation’s leading provider of supply chain optimization solutions to automotive, powersports, and heavy-duty OEMs. Through our dedicated team members, lean operating system, and streamlined technology, Kem Krest ensures a resilient and uninterrupted supply chain for the programs we manage. Through customized end to end solutions that address every facet of the supply chain—from inventory management, fulfillment, warehousing, kitting, packaging, logistics, and transportation management, Kem Krest enables companies to increase operational efficiency, deliver superior customer and employee experiences, focus on growth initiatives, and achieve cost savings. Kem Krest partners with companies to virtualize their supply chains through a growing network of 12 facilities in the US and Canada, featuring 1.75M sq. ft. of warehouse space and 600+ full-time team members. For more information, please visit Kem Krest’s website at KemKrest.com.