Like every other sector, transparency is a necessity now in the supply chain as well. There is increasing scrutiny for the same on companies from the governments and various stakeholders. Unfortunately, not all are adopting such principles. There are macro, political factors also at play, with situation being particularly tense in some countries, such as in North Korea. There are several stages to achieving full transparency. Those at the top are the innovators, while the next level are the early adopters. The come the early majority, followed by those furthest removed from complete transparency. The last category is known as the majority. There are several steps to take in achieving the full transparency. The first is to set the goals and gauge risks accordingly. Next up, the team needs to visualize the supply chain. Actionable business intelligence needs to be collected, so that instant remedies may be taken up. One needs to then engage with the key stakeholders, on the new targets and strategies. Finally, one needs to disclose the full information. The benefits will accrue significantly in the future.

Source:https://hbr.org/2019/08/what-supply-chain-transparency-really-means?utm_campaign=hbr&utm_medium=social&utm_source=twitter

Uploaded Date:26 August 2019