Week of July 25th, 2022
Linking supply chain news with dangerous goods compliance
Ongoing issues have made the supply chain top of mind for organizations in nearly every industry as CEOs and other senior leaders now recognize the impact it has on their overall business.
Let’s examine some recent industry news.
SUPPLY CHAIN NEWS
- Three Ways CEOs Should Prepare for Supply Chain Threats: Recent events have exposed the vulnerabilities of global supply chains. Here are three strategies that CEOs should incorporate into their operations to protect against today’s biggest threats.
- CEOs Need to Spend More Time on Procurement: Most CEOs spend next to no time strategizing about how their companies spend more than half of their budgets – a mismatch with potentially existential consequences.
- Note to CEOs: Want a Great Supply Chain? Don’t Tell Me, SHOW ME!: C-Level executives are paying more attention to the supply chain but are surprised to learn that it consumes between 12% and 20% of their sales dollars.
- Raytheon CEO: Supply Chain Issues and Labor Shortages Could Last into 2024: Raytheon CEO Greg Hayes said he doesn’t expect manufacturing conditions to begin to approach normal until at least the end of next year.
- Boeing CEO Says Supply Chain Issues are Hindering 737 Max Production Increase: Boeing won’t ramp up production of its bestselling 737 Max jet because of supply chain constraints and expect supply chain issues could persist for the next 18 months.
- Nokia CEO: Chip Supply Chain Showing Signs of Improvement: Nokia CEO Pekka Lundmark discusses the firm’s Q2 figures, consumer demand for 5G and the supply chain issues facing the company.
OUR PERSPECTIVE
- Senior leadership can’t overlook compliance. While CEOs and other senior leaders are paying closer attention to the supply chain, they still often overlook DG compliance. According to the 2021 DG Global Confidence Outlook, only 38% of DG pros strongly agree that their companies’ senior leaders are aware of DG supply chain challenges.
- Now is the time to talk about compliance. Getting leadership to understand the value of DG compliance has been an ongoing challenge, but the current focus on the supply chain has made it the perfect time to engage them in conversations around the role of DG management and the risk of noncompliance. After all, the last thing businesses want is more delays, inefficiencies or added costs due to DG shipping.
- Demonstrate the value of compliance to C-suite. The C-suite can no longer view compliance as just a cost center or a necessary evil. Organizations who embrace strategic DG management and implement DG-specific technology further position themselves for success in today’s fast-paced and quickly changing climate and will be able to adapt operations when disruptions arise. However, if left ignored, inefficient, manual compliance processes will remain a major gap in an organization’s broader automation efforts and can significantly slow down the entire supply chain and put the company at risk.
To learn more about Dangerous Goods software or how to establish a safer, more compliant supply chain, visit https://www.labelmaster.com.
Have questions about Dangerous Goods transport? Call the Labelmaster Regulatory Hotline at 1.800.621.5808.
Automation is the key to handling today’s supply chain challenges. But without true Dangerous Goods automation, you may be operating at a competitive disadvantage.
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