Supply Chain Traceability: How It Benefits Your Business

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Supply chain traceability helps businesses track their products throughout their life cycle. Aligning supply chain traceability with business objectives ensures quality and sustainability and reduces the risk of product defects and recalls. Businesses can now leverage advanced supply chain technology to successfully implement traceability.



What is Supply Chain Traceability?

It refers to how a business tracks products from production to retail shelves. Supply chain traceability is essential to any successful business because it allows companies to track products from inception to purchase and even further to their end-of-life activities – whether the product is resold or recycled. Traceability ensures accountability, transparency, and sustainability.

Steps to Implement Supply Chain Traceability

A traceable supply chain allows organizations to achieve their primary objectives – improve sustainability, efficiency, resilience, and performance. Here are the steps involved in implementing supply chain traceability:

  1. Track Risks and Set Goals: Identify the risks your business is exposed to, such as compliance risks, disruptions faced historically, and supplier relationships. Plot potential ESG issues affecting your business and correlate them with the business risks to lay out your company strategy and goals.
  2. Visualize the Supply Chain & Collect Information: Visualize and map the end-to-end supply chain using visualization tools. Gain insights into cargo flow volume, gauge suppliers and processes, identify potential gaps, risks, opportunities for improvement, and innovation.
  3. Set the Level of Disclosure: Set parameters for the disclosure of information. Balance regulatory requirements against stakeholder demands and decide ways to authenticate published data. Ensure that any supply chain transparency technology aligns with your objectives and has the backing of all stakeholders.

Implementing supply chain traceability can help businesses achieve greater sustainability, efficiency, resilience, and performance while reducing risks. It enables organizations to track products throughout their life cycle, ensuring accountability, transparency, and sustainability.

References.

  1. https://www.gep.com/blog/strategy/how-supply-chain-traceability-benefits-your-business
  2. https://www.bsr.org/en/blog/supply-chain-visibility-traceability-transparency-and-mapping
  3. https://www.sage.com/en-gb/blog/blockchain-traceability-supply-chain/
  4. https://igps.net/blog/2021/08/19/transparency-and-traceability-in-logistics-management/
  5. https://www.aeologic.com/blog/traceability-solutions-for-supply-chains-a-game-changer-for-businesses/

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