February 27, 2008 | Redwood Shores, CA - MetricStream, Inc., the market leader in enterprise-wide Governance, Risk, Compliance (GRC) and Quality Management solutions, today announced that a Global Fortune 500 medical systems company has deployed MetricStream as its enterprise wide platform for streamlining supplier quality processes with over 1,500 suppliers world-wide to achieve traceability of CAPAs (Corrective Action and Preventive Actions) that involve their suppliers. The system will also support the company's compliance obligations and requirements for FDA cGMPs, FDA 21 CFR Part 11 and various EU medical device regulations.
The company's products for diagnostic imaging, patient monitoring and cardiac care are category leaders in the medical and health service industry. It undertook a major initiative to introduce an online communication platform and single interface for its supply-management employees and its supplier community. A critical part this system was providing integrated functionality for supplier quality management, particularly the Supplier Corrective Action Request (SCAR) process - the cornerstone of a closed-loop quality management program - for which MetricStream solution has been selected.
The company will roll out MetricStream's Supplier Quality Management solution that provides comprehensive capabilities for managing SCARs, Issue Tracking, Quality Analysis and Investigations, Supplier Access, Supplier Scorecards and Cost of Poor Quality. The solution will provide complete visibility into suppliers' quality processes for driving continuous improvement and will create a transparent environment for suppliers and manufactures to collaborate and coordinate in real-time.
By implementing the MetricStream solution, the company estimates a significant improvement in average SCAR throughput time by reducing process waiting time, ensuring immediate communication and setting clear priorities. This will be complemented by savings from elimination of redundant paper archiving and through productivity gains in activities such as information routing, trending and data analysis and data entry.
"The nature of an organization's relationship with its suppliers has dramatically changed. Global outsourcing and co-development is on the rise as companies increase focus on their core competencies. These changes have created a need for organizations to put in place a supplier quality management system to improve visibility into supplier quality and enhance supplier accountability," said Carl McCauley, Vice President of Sale at MetricStream. "Leading global manufacturers are utilizing MetricStream solutions to implement industry best practices in quality and compliance management, reduce costs, shorten cycle times and improve overall process efficiencies."
MetricStream is the market leader in enterprise-wide Governance, Risk, Compliance (GRC) and Quality Management Solutions. MetricStream solutions are used by leading global corporations in diverse industries such as Financial Services, Healthcare, Life Sciences, Energy and Utilities, Food, Retail, CPG, Government, Hi-Tech and Manufacturing to manage their risk management programs, quality management processes, regulatory and industry-mandated compliance and other corporate governance initiatives. MetricStream’s customers include UBS, Société Générale, Pﬁzer, Philips, Cummins, Kellogg’s, Mondelez International, SanDisk, and NetApp. MetricStream also owns and operates the www.ComplianceOnline.com portal - the largest GRC advisory network and one of the largest GRC communities. MetricStream is headquartered in Palo Alto, California, USA (www.metricstream.com).