Three key ways to tackle the supply chain in 2020

Supply chain 2020-With 2020 now underway, Thomas Net has revealed several ways the new year can be tackled successfully in the supply chain space. Supply Chain Digital takes a closer look.

1. Risk Management

Risk management is considered the primary concern of all CEOs and CPOs of companies. Supply chain managers must guard against cyberattacks and ensure that their cybersecurity approach is working correctly. The risk can be mitigated in ways such as: improving supply chain visibility, conducting a supply chain audit, managing the risk of raw material price volatility with financial hedges and improving supplier scorecards to ensure they are appropriate for individual suppliers rather than using a one-size-fits-all approach.

2. Responsible Sourcing

A green approach is becoming increasingly important to companies’ strategies. With all organisations operating with a firm Corporate Social Responsibility (CSR) approach in place, sourcing ethically is considered a key component to success. Sustainability revolves around several important areas such as human rights being respected, wages are paid fairly, factories are safe and the environment is impacted as little as possible.

3. Supply Chain Transparency

Customers want clarity. It is expected that traceability will continue to become more prevalent and could reach the point where customers will be able to scan a product’s barcode at the point of sale and access data about its entire journey through the supply chain.

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Article Credit: SC