Supply Chain Transparency as the basis for sustainable business practices means having reliable data flows and commitment to openness. Basically, this means that a company knows exactly what is happening at each stage of its supply chain. This enables to analyse the risks at each stage of its supply chain and communicate them based on factually supported information about its supply chain operations. It enables companies to collaborate more effectively around processing transactions and resolving problems as it includes certain data communication with parties within the supply chain and outside, such as with customers, suppliers, stockholders, and regulatory agencies. Supply Chain Transparency allows to show responsibility.
KNOWING SUPPLY CHAINS - IMPROVE CONDITIONS - MANAGE PERFORMANCE
Supply Chain Transparency requires cooperative business activities. A significant increase in public demand and a growing demand for knowledge about product components and materials, where products come from and under what conditions they were produced, underline the need for supply chain transparency for sustainable business. Without transformation, loss of competitiveness will follow. Supply Chain Transparency supports a fast and efficient response in a changing environment.
It is helpful to first get an overview of your specific situation and answer important strategic questions, such as:
Among the many sustainability policies European governments have made supply chain transparency and its ability to manage the value chains more effectively, identify and address labour and human rights violations and environmental impacts, a priority. It is therefore to be expected that transnational regulations will follow in addition to the already existing recommendations and guidelines.
Supply chain transparency is a road to responsible and sustainable business practices. Take it with the right tool – one that is optimized exactly on your demands to share and control your dataflow.