Compliance and regulation has changed so much over the years with far more stricter regulations required for retail products today than ever before.The changing landscape has meant the very nature of compliance has become rather complex and difficult to achieve without adequate knowledge and expertise.
Many of the compliance complexities that arise are in the collection and gathering of all the necessary documentation. Many manufacturers, importers and retailers today are still operating on outdated systems like spreadsheets, creating unreliable data and documentation, which creates an almost insurmountable task trying to maintain the information for each product reference.
Often times professionals find themselves in a position of begging and pleading for documentation with nowhere to turn but to wait on the slow turning wheels of doing everything manually. Data, technology and cloud-based systems and solutions are where supply chains are headed.
Today’s consumers dictate the level of safety and performance they need to make a purchase of your product; this can either be seen as a challenge for your supply chain or as a golden opportunity.
What if there was an all inclusive compliance software that could streamline all your supplier and compliance operations in one place... accurately and reliably?
In this post, we seek to uncover the Technical Compliance File (TCF) solution - A compliance solution that will help relieve many of the compliance pressures that your supply chain currently faces.
What is a TCF?
Why a TCF?
At this point you may be wondering about the exact operating of this system, and what kind of benefits a compliance solution like this can have for your current operating systems. So let me tell you;
There are a number of reasons why retailers are in preference for this solution;
- Technical expertise - There are dedicated teams to review what exact documents are required for the products and that the documents received are exactly what you are in need of, including all follow up with any supplier or factory that may be delaying you. These experts are also able to give technical advice where necessary, ensuring you don’t find yourself in a sticky supplier situation that can easily be avoided.
- Online 24/7 access - The TCF solution has a 24/7 online dashboard with real-time updates allowing you insight into your compliance status whenever you need it. There are also progress charts allowing you actionable insight into timelines and your supplier progress. This solution is also able to store all your documents for up to 10 years, ensuring your documents are safely stored for any future reference.
- Transparency - A solution like this can provide you with a real look into your supplier and/or manufacturer's status in the workplace. It provides invaluable insights into the kind of supplier you have chosen to work with as you can track their compliance and regulatory progress online.
- Visibility - This allows you insight into what tests are being done and achieved in the lab, placing you in a better position of understanding the level of compliance your products are achieving.
- Additional custom services - In having the expertise to analyze and determine the exact compliance and regulatory documents you are in need of, there are other custom services that can be offered if you find yourself short of an audit or specific product test that you need done to form a part of your TCF.
- Separate supplier reporting - You are able to access reports on your organizational progress, but also your supplier’s progress. Your supplier is given access to a separate dashboard, so your information remains confidential.
- Cost reduction - Streamlining the incredibly complex compliance process into one solution will be cost effective for your brand. Let me break this down for you; As mentioned earlier, a TCF is required as part of regulation, you already know what the process is in collecting documents from your factory, and all the follow-up communication that is required to get your documents. It’s often difficult and complex with little or slow results.
Regarding product compliance, let’s say for a furniture retailer, each item may need up to 30 documents (without counting all the submitted and rejected docs, which can be even more) to demonstrate compliance just for that product. As a retailer, you likely have more than 1 item that needs to achieve compliance, and with every document that is needed, each could take up to 30 minutes to evaluate properly, which equates to about 15 hours for just one product! If you have a whole range of products, you can begin to see how costly this whole process can become.
Risk Mitigation - The insight that this solution can provide into the most vulnerable areas of your supply chain can be invaluable information. The information that you will have access to should alert you to potential risks early on, allowing you the time to mitigate those potential risks.
Enhancing your current quality management systems to include a web-based solution like this can set your brand at a benchmark above the rest.
As supply chains are increasingly becoming more digitally adaptive with cloud-based operating systems, it will be necessary for you to analyze your current solutions to be more adaptive to the current supply chain climate.
A comprehensive solution like this can create an operational efficiency for your supply chain that may have never even crossed your path. The benefits and increased visibility into your supply chain will be invaluable to optimizing your current quality systems.
In a better place of understanding this web-based solution, do you have thoughts or questions regarding the TCF? Leave your questions in the comments section; I would love to engage with you on this.