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For U. Making the most of new opportunities starts with understanding what could change. Overall, U. To fully take advantage of these opportunities to grow as well as to mitigate any potentially negative impacts of new policy decisions leaders need to make sure they understand everything that could potentially change, when it might change and how it could affect current cost structures.
According to our recent Supply Chain Readiness Study, completed with Aberdeen Group, when asked exactly where forthcoming policy changes would impact their businesses the most, manufacturing leaders say profits and profit growth first and foremost.
This is followed by global revenue growth and market competitiveness. Clearly, the manufacturing industry believes policy changes are going to have the most notable impact on the bottom line. Tax structure changes, in particular, may have a major effect on financial results in the coming years. Consequently, transparency is now increasingly important in supply chain compliance and management.
To reassure customers that they are socially responsible organizations fully committed to ethical supply chain management, companies must adhere to complex and mercurial regulations while also providing full traceability. Predicting the future of supply chain compliance and subsequent risk management has become an enormously arduous task. Without a proper plan in place, keeping track of all the requirements can easily result in a torrent of confusion and disorder.
Inevitably, this chaos will eventuate in delayed shipments, inefficiency, and wasteful downtime. However, there is a wide array of tools available that companies can apply to their supply chain processes to help level the playing field and eliminate some of the disruption caused by these ambiguities and obstacles.
One way to successfully and consistently address supply chain compliance issues is to acquire a third party partner who specializes specifically in this subject. An analytical expert partners with a company to handle all the necessary paperwork, keep up to date with the constant legislative fluctuations, juggle a multitude of demanding codes required by various agencies, and manage supply chain databases.
Current and emerging technological advancements can also serve as powerful tools for achieving the highest level of supply chain integrity. While the use of automation and robotics is nothing new to supply chains, these practices will become more refined over time.
Those in charge of receiving paperwork or signing for deliveries must have undergone appropriate training so that they follow the right protocol for documenting information. To do this, it helps to have a software solution that can enable companies to easily meet compliance rules. These are just a few of the continually growing list of compliance issues supply chain leaders need to be aware of.
Director of PLM Consulting. With over 20 years experience in the software design and development, Laura Thompson is a recognized expert in the Oracle Agile PLM community. The top 6 government regulations impacting your supply chain. Here is a list of the six biggest regulations that will impact your supply chain this year: 1.
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