Mastering the Maze: How to Handle Third-Party Risk Management Regulations
August 01, 2023 | Risk Management
It’s always risky not to pay heed to strengthening your third-party risk management process, more so given the bevy of new legislations and regulations coming up across different regions.
As much as 74% of businesses rated their third-party risk management sophistication as either poor or mediocre, according to research by Moody’s Analytics.
Why Ethical Supply Chains Have Become a Business Priority
August 01, 2023 | Supply Chain Strategy
Ethical and social issues in supply chains have taken the centerstage in the business world. These have led businesses across industries to dig deeper into their operations, especially those in the supply chain that aren’t actively monitored.
How are raw materials manufactured? Which materials are being used? Who is manufacturing the products? Are vendors monitoring emissions? What steps are they taking to reduce their carbon footprint? These are some of the questions that are being increasingly discussed to evaluate suppliers.
How Steelmakers Are Reducing Their Carbon Footprint
July 28, 2023 | Market Intelligence
The traditional steelmaking process, which uses coal and other fossil fuels, results in a considerable amount of CO2 emissions, and accounts for up to 7-9% of global carbon emissions.
“Green” steel strives to reduce the bad environmental effects of steel production by using clean energy sources.
Steel makers are switching to new techniques to reduce emissions. These include:
How to Improve Supply Chain Management of Consumer Goods
July 28, 2023 | Supply Chain Software
Consumer goods supply chain management is a sophisticated network with an aim to offer high-quality and cost-efficient products to consumers and deliver profits and savings to businesses.
Efficient supply chain management helps businesses operate smoothly and efficiently and allow them to take a customer-centric and sustainable approach to supply chain operations.
KPIs That Matter Most for Inventory Management
July 24, 2023 | Inventory Management
Inventory management is essential to the success of any organization. Optimizing inventory levels helps reduce costs, improve customer service, and enhance profitability.
But how can someone tell if their enterprise’s inventory management is effective?
That's where key performance indicators (KPIs) come in.
KPIs are metrics that measure the performance of an inventory management system. Tracking KPIs can help an enterprise to identify areas of improvement and help it make data-driven decisions that will improve the bottom line.
Lean Vs. Agile Supply Chain: Choosing the Right Approach for Your Business
July 19, 2023 | Supply Chain Strategy
To navigate volatility and create resilient and effective supply chain management, businesses find opportunities to optimize operations and stay ahead of the curve. Two popular strategies that have gained significant attention in recent years are the lean and agile supply chain approaches. Both these methodologies have their own set of advantages and drawbacks.
This blog will explore key characteristics of lean and agile supply chain management and help determine which approach is best suited for a company’s supply chain goals.
Buyers’ Market Will Continue Amid Growing Supply Chain Spare Capacity
July 07, 2023 | Supply Chain Strategy
The demand for raw materials and components continues to be weak, more so in Europe, signaling lingering economic weakness, according to GEP’s Supply Chain Volatility Index TM data for May. Suppliers today have the most amount of spare capacity since prior to the COVID-19 outbreak in 2020, when the pandemic broke global supply chains.
The index that tracks demand, shortages, transportation costs, inventories and backlogs, fell to -0.28 in May, way below -0.04 in April. It is the lowest level since May 2020.
From Fragile to Agile: How Businesses Can Make Supply Chains Efficient, Resilient and Sustainable
June 27, 2023 | Supply Chain Strategy
The one priority that is common to all businesses today is to build a supply chain that is agile, resilient and can withstand disruption.
No less important is the need to focus on sustainability and comply with increasingly stringent environmental, social and governance (ESG) regulations. These regulations also require companies to be transparent about their sustainability goals and metrics.
And last, but not least, costs can never be deprioritized.
Seeing is Believing: How Supply Chain Inventory Visibility Drives Performance
June 26, 2023 | Supply Chain Strategy
Supply chain inventory visibility offers businesses the ability to track different goods either in transit or stocked in the warehouse, giving them end-to-end visibility into inventory and related activity. It enables better customer service and cost savings through management of inventory in motion, real-time status updates, reduced disruptions and risk mitigation.
4 Ways to Optimize Oil and Gas Operations
May 31, 2023 | Oil and Gas
Efficiency has always been a top priority for leaders in the oil and gas (O&G) sector, especially as oil prices tend to fluctuate.
However, managing vast assets and labor pools spanning numerous facilities and regions makes it difficult to effectively optimize the productivity of O&G operations.
As the global economic uncertainty and recessionary pressures loom, industry leaders must adapt quickly to ensure profits increase as a function of operating costs.