Late last year, we introduced a new concept to the Dangerous Goods galaxy: total value of compliance. It’s a new way of thinking about supply chain operations that views hazmat compliance as not just a cost of doing business, but also as a value-added component that contributes to profitability.
Maybe you read that post, and thought, Sounds great! How do I make it happen?
The answer starts with our new Total Value of Compliance Assessment. And you can get access to it with one call to your Labelmaster account manager.
Wait a sec—what’s total value of compliance?
Here’s a quick recap in case you’re just joining us:
Total value of compliance—or TVC—builds on three factors relevant to any business engaged in hazmat transport:
- The costs of compliance. The actual cost of maintaining compliance throughout your supply chain.
- The costs of non-compliance. The cost of errors or lapses in compliance.
- The revenue opportunities of higher-level compliance. Opportunities for market leaders to differentiate, increase revenue and speed cash flows.
When you view DG compliance as more than just a cost of doing business, you can use it to gain a competitive edge and boost your profitability. The higher your TVC, the more profitable your operation can be.
For more details about TVC and how you can apply it, download the Total Value of Compliance Technical Brief today.
For more information about getting started with the TVC Assessment Tool, keep reading!
From cost center to growth driver
Dangerous Goods compliance doesn’t have to be just another expense—the total value of compliance framework can help you make it a growth driver. TVC takes into account what you spend on compliance, but—more importantly—it highlights what you gain from a strong compliance program:
- Fewer stopped shipments keep your customers and supply chain partners more satisfied.
- Satisfied customers make it easier for you to grow your business with them.
- Fewer fines and lower remediation costs help you run a more efficient operation.
We know all that sounds great, but we also know that every operation is different. We work with companies that have been handling hazmat for decades, along with companies with next to no hazmat experience. Some businesses touch hazmat every minute of every day, and others once in a blue moon.
Applying TVC ideas to your Dangerous Goods operation, in other words, can’t be a cookie-cutter process. We need to know a lot more about your operation, and you need a clearer picture of how you stack up against your competition.
That’s what the Total Value of Compliance Assessment is all about.
Getting started with your TVC Assessment
The TVC Assessment is the first step toward elevating your total value of compliance—and your profits. And it’s absolutely free.
Your Labelmaster account manager will walk you through a series of questions covering every aspect of DG compliance:
- Fines and penalties
- Incident communication
- On-time delivery rates
- New offerings
- Product development
- And more
These aren’t yes-or-no questions—they’re open-ended conversation starters that can reveal weaknesses you didn’t know you had and opportunities you may never have considered. The conversation will probably take about 30 minutes.
When it’s over, you’ll receive a free, comprehensive report assessing 15 facets of your operation as red, orange or green:
- Red: Your operation has significant gaps
- Orange: Your operation is doing well but could improve
- Green: Your operation demonstrates high-level TVC
Ammunition for improved compliance
The results you receive from the TVC Assessment are more than simply information you can use to improve your compliance. They’re also ammunition you can use to persuade your management that improved compliance is worth pursuing.
Labelmaster Account Manager Tom Garrett says, “Some of our customers have been pounding their heads against that wall for 20 years. They can tell their boss that compliance gaps are hurting their profitability, but this report can help their boss finally start believing.”
In the next few weeks, we’ll take a closer look at how the assessment can help you with each of the three TVC components. In the meantime, if you’d like to take a free TVC Assessment, call your account manager or contact Labelmaster Marketing Manager TJ Harvey.
Higher-level compliance—and higher profits—could be one phone call away.
Labelmaster is a full-service provider of goods and services for hazardous materials and Dangerous Goods professionals, shippers, transport operators and EH&S providers. See our full line of solutions at labelmaster.com.