CASE STUDY

How Compliance Management Helped a Consumer Products Company to Reformulate Products with a Net Sales Value Over $230 Million – A SpendEdge Success Story

Apr 18, 2019

The Business Challenge

A global consumer products company that manufactures and markets brand-name food products for consumers throughout the world was facing predicaments in meeting the local municipalities deadlines for regulatory compliance using FDA guidelines. With strict legislative deadlines looming over more than $150 million (net sales value) worth of products, the client had less than a year to reformulate, test, produce, and distribute over 250 of its products. The increasing pressure on the internal corporate team compelled the client to collaborate with SpendEdge and build a compliance management system.

Having an operational compliance management system is vital for companies to avert unprecedented risks. Request a free proposal and access our complete portfolio of compliance management solutions.

Request Free Proposal

Solutions Offered

The experts at SpendEdge reviewed their existing compliance management framework and evaluated the compliance methodology apart from analyzing scalable risk management capabilities. This enhanced their compliance management capabilities and helped them to evaluate their existing methodologies against industry best practices and current realities within the organization.

SpendEdge’s services provided built-in and customizable workflow capabilities that allowed the creation of user-defined workflows for approvals and reviews based on the organizational hierarchy levels. They supported various statistics required in the FDA guidelines to determine if the product has been properly manufactured, distributed and stored. SpendEdge team interacted with almost 150 internal staff and external vendors representing 9 different departments and 5 manufacturing facilities (both owned and co-packing) to ensure internal compliance in the company.

Gaining a complete understanding of FDA guidelines is a must for companies to abide by the regulatory requirements. Know how our experts can assist you with precise insights.

Contact Us

Key Findings

Streamlined issues pertaining to regulatory compliance

The compliance management solutions empowered the company to consolidate business intelligence across divisions and provide the client with global visibility into their risk and compliance initiatives. This initiative reformulated products with a Net Sales Value over $230 million and 0.9 million under budget.

Increased efficiency and collaboration

The structured compliance management framework enabled the client to challenge the status quo to simplify the reformulation process. Also, it helped in the easy flow of information among stakeholders on a regular basis, increasing the efficiency of the organization.

Why Compliance Management is Important?

Compliance management is a process that enables businesses to plan, organize, control and lead activities that ensure compliance with laws and requirements. It ensures that any business or legal action conducted by a company is within legal parameters and “appropriate” actions have been taken in order to prevent incidents. The first step in the compliance management process is risk mitigation. This includes signage disclosures and processes such as Know your Customer and Customer Identification Procedures.

The second most important reason for compliance management is litigation. It also ensures that unfavorable incidents do not occur by following regulatory compliance. For instance, if a company comes under scrutiny for money laundering, compliance management system can prove that all checks and balances were in accordance with the laws and policies.

Recent Case Studies

Getting Down To Business

We are offering Free Trials to all our customers or prospects who have been impacted positively or negatively by Covid-19 and are looking to connect with prospect buyers immediately.

Contact us

COVID-19

Featured

Overview

Buyers

Diagnostic Test Kit

Additional Resources
Contact

A LOOK INTO THE FUTURE OF THE FOOD AND BEVERAGE INDUSTRY AFTER THE COVID-19 PANDEMIC

Identifying the Top 100 Coronavirus (COVID-19) Test Kit Manufacturers Across Regions

Sourcing and Procurement Market Intelligence Services

Products and Tools

Featured

Services Overview

Category Market Intelligence

Supply Market Analysis

Low-Cost/Best-Cost Country Sourcing

Benchmarking

Spend Analysis

Cost Modeling and Should-Cost Analysis

Total Cost of Ownership (TCO) Analysis

Supplier Risk Analysis

Supply Chain Risk Assessment

Supplier Sustainability Assessment

Commodity Price Forecasting

Category Management

Supplier Negotiations

Contract Management

Procurement Store

Purchase Ready-to-use Reports

SEinsightsTM

Our Robust Procurement Platform

BizVibeTM

Suppliers and Buyers Marketplace

SUPPLY MARKET ANALYSIS FOR A METAL MANUFACTURING COMPANY HELPS ACHIEVE ANNUAL SAVINGS OF $15 MILLION

Industries

Industries Overview

Automotive and Tire

Banking, Financial Services and Insurance

Biotechnology, Pharmaceutical and Life Sciences

Chemicals

Energy

Food and Beverage

Industrial and Manufacturing

ICT, Media and Entertainment

Mining, Metals and Minerals

Retail and CPG

Transportation

INCREASING LOCAL PROCUREMENT BY 28% FOR A COMPANY IN THE METALS AND MINING INDUSTRY – A CASE STUDY BY SPENDEDGE

Resources

Featured

Resources Overview

COVID-19 Resources

Blogs

Case Studies

Whitepapers

Webinars

Press Releases and Media Mentions

5 KEY CORONAVIRUS RISK ASSESSMENT STRATEGIES TO OVERCOME HEALTHCARE SUPPLY CHAIN CHALLENGES

IDENTIFYING STRATEGIC PURCHASING PRACTICES FOR A COMPANY IN THE US FOOD SERVICE INDUSTRY | SPENDEDGE’S LATEST SUCCESS STORY

Clients

Featured

Clients Overview

Who We Serve

Case Studies

SUPPLY CHAIN MANAGEMENT HELPS AN IMPORT AND EXPORT INDUSTRY CLIENT ENHANCE SUPPLY CHAIN VISIBILITY

REALIZING SAVINGS OF $15 MILLION IN PACKAGING SPEND FOR AN FMCG CLIENT – PACKAGING SOURCING STRATEGY

About Us

News

About SpendEdge
Why SpendEdge?
Vision, Mission and Values
Clients
Social Impact
Global Offices

Press Releases and Media Mentions

Upcoming Events & Webinars