What is it?
Regulatory compliance plays an important role in the modern manufacturing world and it is becoming increasingly more complex. It is important that companies adhere to certain state laws, rules, and guidelines that are expected from their operations in order to be successful and avoid any issues.
For example, the supply chain and the automotive industry must follow the end-of-life vehicle (ELV) rules. Some teams have to be highly committed to the international standards of governance. You can also find other different types of laws such as:
- Restriction of Hazardous Substances (RoHS)
- The US Health Insurance Portability and Accountability Act of 1996 (HIPAA)
- European Union’s General Data Protection Regulation of 2006 (GDPR)
- California Consumer Privacy Act (CCPA)
- Payment Card Industry Data Security Standard (PCI DSS)
- Federal Information Security Management Act (FISMA)
- Sarbanes Oxley Act (SOX)
Even companies that don’t belong to regulated industries must conform to security, ISO, and many other requirements. As such, regulatory compliance management has become a crucial component of most businesses over the past 20 years. Companies need to hire staff who work to ensure that they meet all laws and guidelines required by the government. Managing compliance with OpenBOM ensures that items are compliant with specific industry regulations.
Why do you need it?
Since regulation and compliance are such a big deal these days, it is important to have a BOM with all of your product information, such as its full history and historical changes. Having such detailed information allows you to easily report to regulators during monitoring and/or emergent situations. A growing number of companies have to adhere to certain state laws, rules, and guidelines expected from their operations.
With OpenBOM, you can eliminate silos and spreadsheets with a central hub to manage your mechanical, electrical, and software information, as well as any associated documents. This helps engineering, quality, and manufacturing teams collaborate in real-time, share product data, and track changes throughout the entire product lifecycle.
If an emergent situation were to occur regarding a specific item, you could simply use the “Where Used” function to quickly find any products that the item is a part of. Thus, allowing you to quickly ensure that all of your products comply with specifications and industry regulations. The OpenBOM Rollup function can be used across multiple assemblies to validate the compliance of the entire product.
Why is OpenBOM different?
Tracking compliance with OpenBOM is a straightforward process and saves you the headache that dealing with other systems may cause. OpenBOM provides a seamless, controlled manner of dealing with product data.
Tracking compliance to a specific regulation is hard. Different regulations can be applied to various parts and components of a product. Managing this regulatory information and compliance reporting can be a mess. OpenBOM helps businesses in different industries by providing a flexible data modeling capability to conform to multiple regulators and their requirements. Thus, businesses eliminate risks and increase revenues. OpenBOM offers a way to create data modeling templates that can be easily configured and applied.
Other advantages of OpenBOM include:
- Flexibility: There is support for all types of regulations with effective data management for each regulation type and validation.
- Online access: Thanks to OpenBOM being online, data sharing between suppliers and owners is possible.
- Simplicity: OpenBOM makes it easier for organizations to follow regulatory compliance laws by providing a controlled manner of dealing with data.
The data-sharing process is simplified because all information is stored in the cloud. You can easily exchange data between suppliers and owners, as well as export data to be shared with regulatory agencies.
How does it work?
OpenBOM allows you to manage item compliance information in catalogs so that you can assess compliance with specific regulations. OpenBOM’s flexible data model is a key element of compliance management.
OpenBOM’s ability to import data from external resources and to include information on a variety of regulations allows you to set compliance criteria. OpenBOM customers can import data from any source that they have, including data from online catalogs.
