The impact the pandemic, economic disruptions, and tense political climates have had on the global business environment has elevated supply chain management to a critical focus for nearly all organizations.
The procurement organization is tasked with anticipating and mitigating supply risk. It is crucial that procurement continues to focus on reducing supply chain risk, as well as investing in and focusing on developing robust risk management processes. Now more than ever, procurement must be able to anticipate and react to changing market conditions while still delivering value to the business.
Supply chain risk management should be agile and cross-functional. As such, the success of supply chain risk management relies on access to high quality supplier data across all systems. Adoption of TealBook’s Supplier Data Platform will allow Procurement to make significant improvements across the procurement lifecycle and continue to enhance visibility, agility, and capability of the function and the business as a whole. With TealBook, Procurement can increase cross-functional collaboration by sharing quality supplier data across all systems, resulting in quality analytics and trusted insights.
Successful supply chain risk management can contribute to increased certainty, improved and faster decision making, better service delivery, effective change management, and identification of supplier innovation opportunities. Below are three key ways that TealBook can support your organization’s supply chain risk management efforts.
- Ensure Regulatory Compliance
To react to rapidly changing compliance requirements effectively and efficiently, it is crucial for Procurement to have access to reliable data and actionable insights. Requirements must be monitored and adhered to in order to prevent supply chain disruption and negative impact to the organization’s reputation and bottom line. Potential compliance risks to consider include corruption, fraud, environmental, social and governance (ESG) compliance requirements, and labor law requirements. With TealBook’s Supplier Data Platform, your organization is equipped with access to comprehensive supplier data that can be relied on to help reduce risk of penalties and fines from non-compliance, as well as ensure your suppliers remain compliant with regulations.
- Mitigate Geopolitical Risk
While wars and revolutions are extreme examples of geopolitical risk, the world has recently witnessed how these can affect supply chains. It can be difficult to predict geopolitical risk, but there are certain early indicators of potential risk that should be monitored, such as specific locations or regions. Having visibility to your suppliers locations or regions enables you to monitor and manage geopolitical situations as well as get ahead of trade and tariff regulations. TealBook’s artificial intelligence spans across millions of data sources. It is continuously refreshed, normalized and matched to each of your existing suppliers and their entities, providing richer data sources and deeper visibility and capability to monitor and mitigate these risks.
- Ensure Supply Chain Visibility
A significant challenge that many organizations face while establishing supply risk management programs is the ability to develop a comprehensive view of all suppliers in the supply chain. Without visibility to the supply base, organizations are unable to identify risks early enough to make informed decisions. In order to achieve true visibility to the supply chain, organizations will require real-time information on supply chain activities and their suppliers. Lack of real-time visibility into the supply base and transparency into the practices of their suppliers leave organizations vulnerable and open to risk.