Achieving a holistic assessment of the supply chain is a challenge that all industries are facing. Today’s supply chains are unfortunately, at a tipping point.
However, the complexities we are facing can be used as a catalyst to create the agile, digitally autonomous, and sustainable supply chains that are needed. By doing so, we can reduce risks, improve procurement efficiencies, and meet sustainability targets.
The key question however is “How do I assess the value, risks, and sustainability of my supply chain?” The answer is data. COVID-19 and the current geopolitical environment have boosted the awareness of the need for more analysis and forecasting by organisations across their supply chain. However, organisations are not prioritising measuring the risks to the entire supply chain.
Based on our experience, organisations are lacking a solid baseline, standardised framework, and the technological and analytical capabilities to monitor supply chains. This is potentially causing exposure to risk and is increasing potential vulnerabilities. The solution to gaining complete visibility, which will enable you to make the right decisions, is to have access to the data you need.
Many organisations are struggling to gain access to the data sources that are required. Additionally, even if the data is accessible, they do not have efficient processes and platforms in place that can transform their data into actionable insights.
External data vendors like CRIF can support a variety of data sources from identification and firmographic data to financial data and credit ratings. Our new goal is to support organisations with data collection and create sustainability scores using ESG data. As a global information service provider, we offer a neutral platform to simplify the documentation and recording of all available data alongside sustainability measures.
This means that your supply chain can be evaluated quickly, efficiently, and independently. Many organisations are still relying on vendor self-assessment or internal assessments, which can be difficult to separate from subjective opinions. Only through the integration of external data is it possible to gain a holistic view of vendor risks and opportunities.
Over the past few years, there have been many metaphors regarding data. Data is the new oil. Data is like water. Data is the new currency. These metaphors have one thing in common, that data is a perishable good. External data sourcing and monitoring is the new challenge for CPOs.
With globalised supply chains, we need to gather local and “fresh” data, and not rely on global, standardised data. Using external data efficiently, and having dedicated technologies and processes in place, will undoubtedly produce a competitive advantage for your organisation.
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Source: ProcureCon Events
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