Striking a balance between engineering innovation and regulatory compliance What's the mantra?

The adoption of Engineering Lifecycle Management software is seeing an uptick among large organisations and those in highly regulated sectors, further fuelled by technological advancements such as cloud computing and AI/ML to reduce process workflow errors and for informed decision-making by Hoshie Ghaswalla

- Hoshie Ghaswalla

A dynamic interplay between innovation and regulatory compliance is critical for modern Engineering Lifecycle Management (ELM) success. While the concept of managing the entire engineering lifecycle (ELM) has been around for a long time, its widespread adoption and the specific term 'ELM' is emerging in many industries in India. The need for improved efficiency and compliance has driven the rise of automated ELM workflows that offer more scope for inter-departmental collaboration in product design and delivery. Hence, the adoption of ELM software is seeing an uptick among large organisations and those in highly regulated sectors, further fuelled by technological advancements such as cloud computing and AI/ML to reduce process workflow errors and for informed decision-making.

Factoring in the rising popularity of ELM platforms, BW Businessworld recently organised an exclusive Roundtable discussion on this topic. This Roundtable brought together six experts from different industries to share their valuable insights on the interplay between innovation and regulatory compliance in ELM. Hoshie Ghaswalla moderated the session to prompt and bring the best knowledge from each participant and best practices for successfully implementing holistic ELM solutions. This report presents a brief overview of the perspectives discussed.

Data management & regulatory compliance

Innovation is crucial to stay competitive and relevant in today's fast-paced, technology-driven market. However, organisations that believe in constant innovation must tackle several challenges. The foremost challenge is compliance with the regulatory frameworks of their respective industries. Kickstarting the discussion with the most critical question of what challenges have emerged in maintaining a balance between innovation and evolving regulatory frameworks, interesting perspectives emerged.