Adapting to Change with IFS Cloud: Navigating the Changing Regulatory Landscape

The manufacturing industry has faced significant challenges in recent years, including globalization, changes in legislation, and disruptive events like the pandemic. In response, manufacturers prioritize supply chain resilience, with agility, diversification, and flexibility essential to adapting to changing market demands and regulatory requirements.

One of the most disruptive factors manufacturers face today is changing regulations, which can result in heavy penalties for non-compliance. However, manufacturers can navigate these changes more effectively with the right solutions. IFS Cloud is a powerful tool that can help manufacturers stay ahead of the curve by providing visibility over their entire business, enabling organizations to keep up with expected industry standards, company policies, and national or supranational regulations.

For example, introducing the sugar tax led to 50% of affected manufacturers preemptively changing their recipes. With IFS Cloud, drink manufacturers could access up-to-date business information and make agile decisions to chart their way through the resulting upheaval. Similarly, the pharmaceutical industry faced significant challenges with introducing the Falsified Medicines Directive, which required unique barcodes and anti-tampering devices to be fitted to medicine packaging. With IFS Cloud, manufacturers can amend their packaging and implement verification procedures throughout the supply chain more efficiently.

Changes in supranational accounting practices, such as the International Financial Reporting Standards and the US Generally Accepted Accounting Principles, also impacted supply chain and manufacturing businesses. In addition, IFS Cloud made it easier to access data in one place and in real time, enabling businesses to respond more rapidly to regulatory changes.

In addition to compliance with regulations, manufacturers must comply with industry standards. IFS Cloud provides the visibility manufacturers need to meet local and global regulatory requirements, identify new opportunities, and optimize their speed of change.

In summary, disruptive legislation often reflects broader trends, and manufacturers must be agile in responding to market demands and regulatory requirements. With enhanced globalisation and supply chain diversification, organisations that remain competitive and meet higher levels of regulatory control will be best positioned for future success. By leveraging IFS Cloud, manufacturers can navigate regulatory changes more effectively, stay ahead of the curve, and remain competitive in an ever-changing business landscape.

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About HOIST - HOIST's co-founders and 200+ team members across the globe are comprised of a combination of previous IFS customers and IFS employees. We know what delivering exceptional service looks like, and through the use of standard methodologies, we deliver a consistent and concise product, from implementation projects to support offerings. Through multi-region and multi-language approaches, HOIST has become a Global Systems Integrator of IFS. In addition to our strong presence in Canada and the US, we have offices in UK, Netherlands, Belgium, Dubai, Colombia, Brazil, Sri Lanka, and Australia. We can deliver projects fluently in many languages including English, Spanish, Portuguese, French, and Arabic.

About IFS - IFS develops and delivers cloud enterprise software for companies around the world who manufacture and distribute goods, build and maintain assets, and manage service-focused operations. The industry expertise of our people and of our growing ecosystem, together with a commitment to deliver value at every single step, has made IFS a recognized leader and the most recommended supplier in our sector.

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Get in touch with our team today at info@hoist.tech