Week of May 20, 2019
Linking technology news with Dangerous Goods compliance
The supply chain can have a significant impact on an organization’s operational and financial performance. That’s why forward-thinking companies continue to invest in their infrastructure in order to increase efficiencies, reduce costs and mitigate risk.
To help companies keep a pulse on technology trends impacting business and the movement of dangerous goods throughout the supply chain, Labelmaster has launched “Supply Chain Moves,” a weekly report linking the latest technology news to dangerous goods compliance.
Let’s examine the recent supply chain technology and industry news.
- Why CEOs are Still in the Dark About the Supply Chain: Surprisingly few companies understand the importance of the supply chain or have a formal strategy in place for managing global supply chain risk.
- Three Reasons Why Data-driven Leadership Should be Embraced: By bringing in digital analytics that are monitored, measure, quantified and mobilized, management teams will be more efficient, innovative and competitive.
- IBM Releases AI-Powered Anomaly Detection Capabilities to Mitigate Supply Chain Disruptions: IBM’s new AI-powered solution offers anomaly detection and visualization capabilities for mitigating supply chain disruptions and accelerating data-driven decision making.
- ERP in the Age of Omni-channel: ERP solutions are useful for financials, procurement and transactions, but can ERP drive omni-channel fulfillment? The short answer is “yes.”
- Can Blockchain Revolutionize the Supply Chain or is it Just Hype?: Few technologies have generated so much buzz in such a short period of time. But can blockchain truly revolution the supply chain?
- Is Demand Planning Ready for AI?: Many companies are excited about the possibility that AI could improve the accuracy of their demand plans. However, there are several hurdles that they must overcome first.
- In Logistics, Profitability, Provability Frame IoT Adoption: With the implementation of 5G wireless, IoT’s B2B services will speed up, but will the logistics sector be ready for the ride?
- IT Gap? 3PLs Close the Loop: To help shippers meet technology needs and manage customer relationships, 3PLs come armed with solutions and expertise.
- Redwood Logistics Acquires Eminent Global Logistics: Purchase of TMS integration firm bolsters Redwood’s technology integration and consulting services platform.
Technology & Dangerous Goods Compliance
The supply chain can have a significant impact on an organization’s operational performance and profitability. But, as Steven Bowen and J. Paul Dittmann outlined in Chief Executive, many companies don’t understand the importance of the supply chain or have a strategy in place for managing risk.
They cited recent surveys that found that only 16% of companies polled have multi-year strategies for achieving supply chain excellence. And executives ranked supply chain functions as “relatively unimportant” in driving cash and growth. This shows a lack of understanding on how important the supply chain is in these areas, which often results in a performance gap that leads to companies falling behind competitors.
Bowen and Dittmann stressed the need to re-define supply chain excellence and broaden its scope to see the greater impact the supply chain has on the business, the customer and the customer’s customer. “Instead of seeing it as a tool for managing cost, successful executives view it as a tool for creating value.”
The challenges identified in the surveys (and highlighted by Bowen and Dittmann) are similar to those of dangerous goods shippers. Labelmaster’s 2018 Global Dangerous Goods Confidence Outlook found that 16% of dangerous goods professionals feel that compliance is not a major priority for their company, 28% believe their company complies “only because regulations mandate it, and adhere to minimum requirements,” and 54% wish their companies would understand that supply chain and DG shipping management could be a differentiator.
Dangerous Goods compliance can be a value-added component for an organization, but it needs to move from being viewed as a cost center to growth driver. That’s why Labelmaster created the Total Value of Compliance (TVC) framework. TVC builds on three factors relevant to any business engaged in hazmat transport:
- The costs of compliance – the 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
To learn more about the impact compliance can have on your business and get a free TVC assessment, visit https://www.labelmaster.com/TVC.
Are you giving your supply chain the attention it deserves?
Labelmaster’s Dangerous Goods Information System (DGIS) is the leading SaaS solution to help companies more efficiently and accurately manage their Dangerous Goods shipments. DGIS validates your Dangerous Goods shipment data against the latest regulations, ensuring a more efficient supply chain and reducing friction found in Dangerous Goods shipments. DGIS is a certified partner/validation solution with ERP, transportation and warehouse management systems.