Regulatory compliance is considered as an act by an organization to adhere to:
- the laws and regulations of the land, as well as any
- guidelines and requirements that are imposed by any regulating bodies for the business you are involved with.
Business compliance applies to every business regardless of the industry.
The purpose of regulatory compliance for any businesses is to make sure that the businesses shall not negatively affect the environment and the community through their operations.
Things that You Need to Consider
In modern days, it is necessary to be able to equip your company with tools and technology that will enable you to record everything you need to fulfill your requirements in regulatory compliance.
First, you need to know the types of regulations governments imposed on businesses.
- Government tax. It is important for any government to determine the kind of taxes they can impose on a certain business. The point here is that the community and the people can benefit in the operation of the business. These involve income tax, excise tax, and employment tax.
Employment and Labor Restrictions. There are many government regulations, concerning laws that protect labor and workers in general. These laws involve wages, work safety and work security, and salary.
Advertisement regulations. These are government regulations that make sure that your billboards and posters are in compliance with what is asked by the regulatory body. You also have to make sure that what you say in your advertisement is true, to the advantage of the public. Composition of the products should be clearly stated in the labels.
Environmental Laws. If your operation affects the environment and you failed to comply with existing laws, you will be penalized, or your business will be closed down.
Licensing. You must comply with all the licensing requirements before you are allowed to operate.
Preventative Maintenance Made Easy with Field Eagle
Preventative maintenance is one way of making your equipment show an increased ROI. It should be regularly performed on any equipment to avoid easy deterioration.
Regulations are often designed to enforce maintenance. In addition to the benefits of ROI as already discussed, maintenance also ensures equipment works more efficiently. This has a positive impact on the environment amongst other areas.
Field Eagle is a preventative maintenance software, auditing and inspection software. By using Field Eagle, companies can easily store information about equipment. This includes prior repairs, as well as the results from earlier inspections.
All data collected is important and helps to create maintenance schedules. Some of the features available withField Eagle are:
- Warranty Details
- Emergency Repairs
- Detailed Reporting
- Asset History
- Asset Templates
An Opportunity for your Company
Regulatory compliance ensures that your organization follows the rules of the land. This builds a positive corporate reputation which helps improve sales.
Preventative maintenance is an opportunity for the company to continue to operate smoothly. Because potential problems are taken care of proactively, it saves time and money.
Ways to Excel at Regulatory Compliance
Government laws and policies are not constant, as they tend to change with time. To be able for your business to excel in regulatory compliance, consider these ways:
- Think smart. Government laws and policies are always changing depending on the changes in the business environment. It is essential for every business to think smart in their requirement of software development.
Businesses need to make sure that their software is capable of adapting to any changes that may occur now or in the future. The software must be capable of being integrated into new and legacy technology.
Use it as an advantage. Coping with regulatory compliance will require businesses to collect a substantial amount of data and research. However, you can use this information for your own advantage. You can utilize this data to upgrade your current system and processes.
Avoid Distraction. Do not allow these regulations to distract your focus in business. Sometimes, you doubt your capability to collect data for compliance purposes. Just don’t allow distraction and turn it into an advantage instead.
Advances in Technology
Advances in technology are changing organizations daily. As new technologies get launched and rules and regulations change, companies need to adjust. Technology advances bring many benefits:
- Communication. Technology helped people achieve many things through communications. An example of this is the introduction of smartphones.
While communications were possible earlier, the advent of the internet, apps, and the smartphone have revolutionized this. Long distance companies once earned thousands, if not millions monthly - this has changed.
Now, communicating with someone thousands of miles away is available at no extra cost whatsoever.
- Medicine. Another field wherein humanity benefited from advances in technology is in the medical field. Technology allows doctors to treat more serious illnesses seamlessly.
It allows them to conduct medical procedures quickly and accurately. New drugs are being developed regularly, and illnesses that were once a death sentence now have a cure.
- Travel. Travel is becoming faster in modern days. But, technology makes it easy for people to travel to places thousands of miles away.
While air travel has now become the norm, companies are advancing towards space. Private companies have taken on the challenge of the stars.
- Manufacturing. Advanced Technology also affects the manufacturing sector. Processes are done faster and at an improved speed.
Manufacturing processes continue to be refined with many companies now striving to achieve Six Sigma perfection.
Robots were once thought to be the bane of the manufacturing worker. In reality, they have enabled workers to improve their skills, while making companies more efficient.
As a responsible business, it is important to comply with all the regulations imposed by the government. These regulations are required to make sure that the business operation will have no ill effects on the environment and the people in the community.
It is also to make sure that the business has paid its financial obligations to the government, in the form of taxes. Failure in compliance with any government regulation will result in the penalty to the business, or this may even result in closure.
With the help of Field Eagle, an inspection software solution, compliance is simplified. Inspectors using Field Eagle will always have access to the latest information. This ensures that their inspections are accurate and the company is in compliance at all levels.