Others have received bad press for contributing to global deforestation: Between 1990 and 2016, the world lost 1.3 million square kilometres of forest, according to the World Bank – an area larger than South Africa.
Countries are also taking action to compel brands to boost their supply chain visibility. Under the UK’s Modern Slavery Act, any organisations with a budget of £36 million or more are required to report on steps they are taking to ensure slavery and human trafficking don’t play a role in their business.
Meanwhile, under the Paris Agreement, the majority of countries agreed to limit carbon emissions to a level that keeps the global temperature rise below 2°C. Businesses must show they are doing their bit to stem their polluting practices, lest they end up paying the piper (i.e. the taxman) in years to come.
Why businesses need product data to bring their operations out of the shadows
With all these reasons for boosting supply chain transparency, why is it that some companies have yet to pull back the curtain on their operations?
Perhaps they are worried that they’ll lose a competitive edge if they reveal their hand to competitors. Maybe the short-term return on investment isn’t worth it. Or perhaps they don’t have an accurate, consistent way to collect product data and keep an eye on the furthest links of their supply chain.
Day by day, the first two reasons are losing out to the weight of consumer pressure. However, the third thing is something that businesses must do something about. Product data is at the heart of supply chain transparency, and it is crucial that businesses understand how they can build an effective PIM strategy.
Companies need to know where their products came from and give evidence for this, so that they can prove they comply with regulations and consumers know they can be trusted. They need a solid, robust product information management system - one that tells a single version of the truth.
Comma work with leading PIM vendors to develop strategies that will give you a comprehensive overview of your supply chain, allowing you to track goods across your entire operation, ensure the materials and labour you use are ethically sourced, and tell the world that your company isn’t one of the bad guys.
With Comma’s PIM solution, you’ll see a whole range of benefits to your supply chain, including:
- A single unified source of data to help you maximise supply chain transparency
- A more pleasant customer and business experience
- Better commercial business outcomes
- Reduced costs and improved margins
Companies must be prepared for their supply chain operations to take centre stage, but to do that they need to be able to effectively track product data. So, pull back the curtain today: contact our team
and we’ll show you how we can provide a data management software solution to revolutionise your supply chain.
To find out more about why data is so important for your supply chain transparency, download our guide How Well Do You Know Your Products? or speak to one of our team by emailing firstname.lastname@example.org.