Brian Alster, SupplyChainBrain.com, November 3, 2023
Amid macroeconomic disruption, companies are faced with the challenge of maintaining growth while dealing with labor shortages, new European ESG regulations, and expected SEC climate impact mandates.
To adjust, companies must automate data collection to save time and resources, prioritize sustainability processes by incorporating ESG criteria into their vendor selection process, and continuously monitor their supply chains to prepare for future disruptions. Included below are three areas on which supply chain leaders should focus their efforts in 2023.
Automating data intake is critical
The pace of digital adoption has accelerated since the COVID-19 pandemic, with many companies now embracing automated processes that improve scale, efficiency, and reduce risk. If firms want to achieve the same level of growth with fewer resources, they must automate data ingestion into their vendor onboarding and monitoring processes.gf
Oftentimes, businesses struggle to devote staff for manual data collection. By automating the capture of data through third-party companies, firms can cut down on time, and feel confident they are sourcing data that is accurate, precise and validated, not self-reported.
Automation also leads to greater efficiencies, cost savings and an improved (ROI). As global sourcing and supplier risk management organizations don’t generate revenue, cutting costs and operating more efficiently than the prior year is critical to success.
Prioritizing Sustainable Supply Chains
In recent years, firms have faced pressure to improve their ESG plans, and implement sustainable policies. Customers and shareholders are now demanding more eco-friendly products, and regulators are starting to require action from the private sector.