Even before the pandemic made consumers more savvy shoppers, they’d already begun clamoring for greater transparency in the dietary supplements they buy.
It’s reached a tipping point. In the United States, more than half of consumers say “transparency information would either somewhat or greatly influence their buying decisions,” according to a Trust Transparency Center ITC Insight 2020 Consumer Survey.
But achieving clearer transparency to accommodate demanding consumers is a journey, not a destination. And it begins with a better flow of supplier documentation.
Managing documentation for raw materials, suppliers, and label claims can be a transparency bottleneck. The traditional process for qualifying suppliers and collecting compliance information has long been inefficient, but most have no idea how widespread the problem is.
We’ve spent years talking to hundreds of dietary supplements veterans – everyone from C-suite executives to plant floor personnel to home office staff, and they all told us the same thing. They’re overwhelmed – with paperwork, tighter regulations, and changing consumer demands. Even worse, when employees leave, valuable institutional knowledge walks out the door with them.
We learned that a mid-sized dietary supplements manufacturer manages thousands of raw materials from hundreds of suppliers, which adds up to tens of thousands of documents and a million data points. We also learned that most manufacturers rely on emails, phone calls, spreadsheets, and even printed files. Individual departments often operate out of isolated systems with siloed data. One manufacturer told us they store their data in seven different systems.
Former Alacer CFO Larry Batina explained, “Staying compliant with regulatory and label claim issues requires significant labor to maintain multiple in-house tools (discrete spreadsheets, emails, and paper), review relevant governmental websites, and rely on vendor-supplied information. Maintaining compliance is very time-consuming, fraught with potential errors and omissions, and requires significant senior management time.”
TraceGains is the industry leader in cloud-based supplier compliance and quality management solutions for the food, beverage, and supplements industries. TraceGains offers a comprehensive suite of software solutions built on an advanced network platform. With TraceGains, companies can automate and streamline their processes through instant information sharing and collaboration throughout the supply chain, fueling digital transformation and product innovation.
Batina agreed that a centralized database with supplier, science, and label claim information would simplify processes and allow businesses to go faster. In other words, the way many companies do business today is risky, unnecessarily expensive, and painfully slow — especially with increasing compliance demands.
TraceGains’ suite of solutions includes a compelling ROI, more than paying for itself through efficiency gains, quicker time-to-market, and audit risk reduction. As with any software implementation, there’s some upfront effort to get TraceGains up and running, but that should be no excuse to wait.
As Zig Ziglar said, “You don’t pay the price for success. You pay the price for failure. You enjoy the benefits of success.”
Here are some real benefits of implementing TraceGains:
Reduced resources required for administrative compliance data management.
Fewer tools are needed to manage compliance data and documentation.
Cloud-based software without the need for updates, maintenance, or hardware management.
Single repository for collaborating and managing compliance with suppliers and internal teams.
Less email and phone time spent requesting data and documentation from suppliers.
Centralized and digitized compliance data for easier searches, queries, and reports.
Increased insight into the state of supplier and raw material approvals.
Decreased audit risk with regulators and customers.
Risk assessment scorecards on suppliers and the items they supply based on critical factors.
Quicker response to compliance-related customer requirements.
Faster time-to-market for new products with automated compliance processes.
Scalable software that grows with your company.
Watch our on-demand webinar featuring CRN President and CEO Steve Mister and TraceGains CEO Gary Nowacki for more details about how dietary supplements companies can ease the burden of health claims substantiation, develop new products faster, and connect teams over a networked platform.