Why Businesses in the Food & Pharmaceutical Industry Need GRC Software

Posted by Thao Chau

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Food and pharma businesses have to secure their processes and for doing so, they need to have a platform that is sustaining all these responsibilities. That is when GRC software jumps in.

GRC solutions for food and pharmaceutical businesses. Credit: Anna Guerrero

What is GRC?

GRC (Governance, Risk, and Compliance) solution is an integrated risk and compliance solution that allows you to continuously monitor an organisation's automated business processes. The solutions assist financial executives, business managers, IT professionals, and auditors in ensuring that business processes are operating following the goals of the organisation.

Read more: Measuring GRC benefits and the role of software

Why do food and pharma businesses need specialised GRC software?

A specialised GRC application allows food and pharma manufacturers to manage a complex and ever-changing environment. It can be used to lower potential business risks and compliance costs, improve operational efficiency, and automate the audit process.

Read more: Whole Foods and the omnichannel retail era

1. Ensure compliance and audit trails

With GRC software, anytime users do anything in the systems, that information is captured and then analysed against the industry-standard rule books that come with the GRC application to identify any potential violations.

The business then can make decisions on how they want to mitigate those risks. The GRC solution helps them configure and walks them through the basics.

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2. Making user provisioning easier

When it comes to user provisioning, this used to be one of the most complicated tasks. GRC software can help simplify it significantly.

The greatest value business can ever expect from GRC software is not only time-saving or cost-saving but also risk-avoiding. This is critical in the food and pharma industry, if a user accidentally changes something in the system, that could potentially affect manufacturing, and this will also have some repercussions on the finance side or the operation side.

Plus, this is going to affect the business’s reputation as well. By using it for GRC, that business gives their users peace of mind so they can do their daily tasks or daily job without worrying about creating any damage to the system.

Read more: Success factors of a governance, risk and compliance (GRC) plan

3. Saving time and labour

Although food and pharma businesses can build their own GRC platforms, it would take a team of professionals with specialised skills, such as finance, purchasing, marketing, and warehouse, to be able to determine where the current risks are at and what compliance violations are.

With GRC, all they need to do is install the product and they are all there, they just show up on the screen. From a high-level approach, people who are in charge can immediately start working on mitigating those risks.

4. Save IT costs

From a user standpoint, it allows them to work and do their daily tasks without really worrying about the violations and the back and forth communication with IT.

From the IT perspective, they have more time to focus on their tasks rather than spending too much time controlling and evaluating those violations that happen in the system. With GRC software, businesses can expect to save 10% time and costs associated with IT support.

The volatile and ever-changing nature of today’s world only makes GRC as essential as ever. For food and pharma businesses, GRC software is a must-have.

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Topics: Technology trends, Enterprise Resource Planning ERP

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 Rick Yvanovich
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