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Supply Chain Transparency with Effective Supplier Risk Management
Posted on Mar 8, 2021 |
Posted in News |
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To make the Supply Chain transparent, usually online-verification codes are given to consumers but the effort required can inhibit widespread adoption.
We all know that Supply chain transparency is a process in which companies get to know about the correct happening upstream in the supply chain and to communicate this useful knowledge both internally and externally. This process has become increasingly precious due to the more demands of consumers for the sake of safety.
To make the Supply Chain transparent, usually online-verification codes are given to consumers but the effort required can inhibit widespread adoption.
We all know that Supply chain transparency is a process in which companies get to know about the correct happening upstream in the supply chain and to communicate this useful knowledge both internally and externally. This process has become increasingly precious due to the more demands of consumers for the sake of safety.
The challenge of supply chain risk management has been intensified by globalization, where even sensitive products like defense systems use raw materials, circuit boards, and related components that may have originated in countries where the system manufacturer did not even know it had a supply chain. This huge complexity has brought with it more potential failure points and higher levels of risk.
In modern multi-tier supply chains, hundreds or thousands of suppliers may contribute to a single product. Even associating the full set of suppliers from the raw-material sources to a final assembled system can require a significant time investment.
It has been recommended that organizations start by thinking of their risks in terms of known and unknown risks. Known risks can be identified and are possible to measure and manage over time. For instance, a supplier failure leading to a disordering in supply would be a known risk. Its possibility can be estimated based on the supplier’s financial history.
Such tracking can help ensure that suppliers are not substituting subservient alternatives for approved sources of materials. Traceability is essential for firms, who seek to measure the environmental footprint of their products.
Finally, transparency is a protection against the entry of copied components and materials into the supply chain. Industry kart has been the leader in following strategic procurement for years. We co-operate with all the departments to ensure the timely supply of industrial goods and services in line with your business goals. It is our ultimate aim to reduce redundancy and enhance relationships with our customers. We intend to offer a timely supply of industrial products online and we are successfully meeting the deadline. We focus on each minute detail that could add to customer’s experience and makes us the most premium supplier. And this one of our strengths that makes us count on the list of top industrial suppliers.