How to take advantage of supplier information and mitigate risk
By Anthony Payne, Chief Marketing Officer of HICX
With social and environmental concerns on the rise, supplier information that was once discretionary is now defined by law. Stakeholders and governments are demanding, with regulatory backing, that businesses run ethical and sustainable supply chains. Apart from being the right thing to do, getting this right is also crucial to circumventing reputational and regulatory consequences.
When it comes to managing the risk that suppliers present, supply chain visibility has never been more important. Organizations need to know exactly who their suppliers are and what they’re doing. Achieving this also helps organizations to spot supplier value.
So, how can multinationals with large, intricate supply chains, make the most of their supplier information? Here are five points to bear in mind.