The COVID-19 pandemic brought a lot of things to light – one of which was the fragility and complexity of our global supply chains.
As our business change and evolve to fit the new normal, it’s time to look ahead at what you can expect for your supply chain in 2022.
Sustainability
Creating sustainable business practices is becoming more and more important to consumers around the world. In fact, 66% of millennials are more likely to patronize a company with a sustainable and eco-friendly culture. Plus, brands that advocate for sustainability grow 5.6 times faster than other brands.
That’s why 84% of supply chain leaders say they plan to invest in climate adaptation and mitigation measures in the next 18 months. Moreover, soon companies will likely have to provide reports on the impact of their supply chains on jobs created, sourcing practices, labor types, and modes of transportation. Transparency with these practices is helping companies improve their brand and prepare for expected upcoming regulations.
To ensure your supply chain is sustainable, you need the tools to gain the right insights and full visibility. Products like Nexis Diligence and Nexis Entity Insights help establish and efficient and cost-effective process for vetting and monitoring every link your supply chain.
Risk Assessment
Cyber security threats are a real risk today and will continue to be in 2022. In fact, 76% of supply chain professionals say they’ve experienced an increase in disruption events in the last three years – and 72% of them say the impacts of those events are greater, as well.
Risk management is an integral part of supply chain management if you want to stay ahead of potential disruptions. Companies that use technology to mitigate risk double their effectiveness in supplier risk tactics.
Nexis Diligence and Nexis Entity Insights has hundreds of sources with information from news alerts, sanctions, legal data, financial reports, and more to help you stay ahead of your organization’s most pressing concerns.
Resiliency
This always-on, digital world has showed us that consumers won’t wait. Your supply chain has to be ready to pivot quickly to minimize disruptions. When you have increased visibility, you can fully understand the state of your supply chain. This allows you to prevent minor issues like delivery delays and larger issues like sourcing material.
With critical information at your fingertips and the right amount of planning, you can increase the reliability and resiliency of your entire organization. Nexis Diligence and Nexis Entity Insights work together to ensure that information is always readily available to help you make the best decisions for your organization.