Bureau Veritas has revealed that those who wish to drive standards forward should adopt a data based approach to supplier monitoring. The complex supply chains make it difficult for large manufacturers and retailers to monitor quality and safety across global suppliers, therefore a solution has to be found.
Large manufacturers, processors and retailers typically work with thousands of suppliers around the world, and with organisations facing greater scrutiny, a single supplier in a high-risk country or area of activity can result in major damage to reputation, said Joy Franks, Managing Director, Europe at Bureau Veritas.
The research found that only half of people worldwide trust businesses to do the right thing. To provide more clarity to the issue, a paper called âSafeSupply: A data-based approach to supplier monitoringâ, launched by the Bureau, offers details on the obstacles in monitoring modern supply chains and recommendations to overcome them. By combining existing data with data collected from suppliers, manufacturers can see where risk hot-spots are and act so that they can limit the chances of an unfortunate event happening.
One of the solutions would be a transition to a big data approach when it comes to supply chain monitoring. This could revolutionise how organisations manage risk by streamlining processes, ensuring accuracy, and preventing the risk of human error.
The business benefits of applying data solutions to monitor supply chains in the manufacturing sector are huge. By abandoning a scattergun approach in favour of directing resources where they are most needed, not only can it help brands make more efficient use of staff time and audit budgets, it can also provide suppliers with a real incentive to improve quality, safety and ESG management, added Joy.
Bureau Veritas has actually launched a new digital platform service which helps with the management of complex supply chains, called SafeSupply. It is cost-effective, simple to use, time-saving and can also increase reliability of supply chain management and ultimately reduce risk.