Manufacturing businesses are becoming more software and data-driven, with over 70% of industrial companies set to digitize a portion or all of their supply chain by 2020. Companies implementing digital technologies in their facilities can expect efficiency gains of 4.1% annually while boosting revenue by 2.9% per year. This is leading manufacturers to spend nearly $267 billion on digitizing data collection by 2020.
With this surge in digitization, data security and compliance with regulations is becoming of utmost importance.
Regulations like ITAR, FDA 21 CFR Part 11, and HIPAA dictate how manufacturers from different sectors must store, send, and receive their data. These laws are strict, and the consequences of violation are severe: The average penalty for violating ITAR in 2018 was $2.9MM and prison time. Common third-party services hosted on the cloud, like Google Drive, are not compliant and can lead to violations.
The Compliance Risk Report is the first of many tools FactoryFour will be building to help educate manufacturers on these regulations, and guide them on how to implement best practices to avoid non-compliance. By answering a brief questionnaire, manufacturers will receive a detailed report:
Disclaimer: Data entered into this questionnaire and provided in the "Compliance Risk Report" is for illustrative purposes only and does not constitute or pertain to any real-life scenario.
Want to learn more about how FactoryFour can help your business stay compliant? Contact the FactoryFour team here and book a demo today.
President of FactoryFour