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Recent years have been characterized by supply chain disruption–from Covid-19 to the Suez blockage to the invasion of Ukraine. Moreover, companies who fail to identify and manage illegal or unethical activity in their supply chain face increasing regulatory, reputational, financial and strategic risks. In this blog, we look at some of these risks, and show how smart use of data and technology can give companies critical supply chain intelligence. We also explain how Nexis® Solutions can help to identify and manage those risks.
Why understanding your supply chain is more difficult than ever
Supply chain resilience has become a core aspiration for companies after three years of flux and disruption. This comes from transparency–firms who understand their supply chain and carry out due diligence on the companies within it are more able to anticipate and manage risks. But gaining this supply chain intelligence is now more difficult than ever because of four trends:
Opaque supply chains: an existential risk to companies
Supply chain due diligence is difficult, but it is essential to companies seeking to survive and thrive. Regulators increasingly demand that companies demonstrate effective third-party and supplier due diligence to mitigate human rights abuses and the environmental impact of their supply chains. Recent legislation includes:
Regulatory risks are critical for firms, but a failure to understand their supply chains brings other challenges:
Data and technology can provide critical supply chain intelligence
Technology has become a powerful asset to firms seeking supply chain intelligence. Artificial Intelligence and Machine Learning tools can analyze high volumes of data on suppliers instantly, and platforms like Nexis Solutions can help screen and monitor thousands of suppliers against trusted sets of data to develop risk scores. While some firms use blockchain technology to track products and services along the supply chain.
However, too many firms have failed to take advantage of these opportunities. Less than a quarter of UK companies surveyed by Deloitte in 2021 included technology as part of their risk strategy. Moreover, many firms prioritize technological developments without realizing that these tools are only as effective as the data powering them. High-quality and trusted data is the fuel that powers effective use of technology for supply chain intelligence.
We recently released an eBook which recommends further steps companies should take, including:
Nexis® Solutions: cutting through the noise to surface supply chain risks and insights
Nexis® Solutions helps firms to gain an understanding of the risks in their supply chain by surfacing insights from across our broad range of data. For example:
Download our new eBook, The Supply Chain Intelligence Checklist: Overcome Rising Third-Party Risks with Nexis® Solutions, to understand more about supply chain risk and plan out your strategy to gain true supply chain intelligence.