The General Data Protection Regulation (GDPR) will come into effect on 25 May 2018. Companies that collect and store vast volumes of personal data will have to adjust their systems to comply with the new regulation. It is anticipated that this change will also affect procurement roles.
Suppliers are an intrinsic part of the Supply Chain. It does not matter what business you are in, what products you make, distribute and sell, or what part of the world you are in. And it doesn’t matter where in the Supply Chain you are. You can not accomplish anything without Suppliers.
There is a fundamental difference in perspective between ERP systems and supply chain management (SCM) systems: when it comes to your supply chain, approximately 80% of the data that you need to manage effectively is outside your organization—in the hands of suppliers, service providers, carriers, warehouses, etc. The traditional focus of ERP software has been on managing operations and expanding visibility within the enterprise. It doesn’t reflect the reality most global businesses face.
The Incoterms® rules have become an essential part of the daily language of trade. They have been incorporated in contracts for the sale of goods worldwide and provide rules and guidance to importers, exporters, lawyers, transporters, insurers and students of international trade.
For all the effort that companies devote to improving the performance of their supply chains, relatively few have unlocked the full potential of digital technologies. A recent McKinsey study found that the average supply chain has a digitization level of 43 percent, the lowest of five business areas that were examined. A mere 2 percent of the surveyed executives said the supply chain is the focus of their digital strategies. Are their priorities misplaced? Perhaps. The same McKinsey research suggests that, on average, companies that aggressively digitize their supply chains can expect to boost annual growth of earnings before interest and taxes by 3.2 percent—the largest increase from digitizing any business area—and annual revenue growth by 2.3 percent.
Supply chains are as old as commerce, but today, supply chain operations are evolving at an unprecedented clip. Modern supply chains are incredibly dynamic. Processes that used to be essentially linear (plan, buy, make, move) are now intertwined and circular. That means flexibility, agility and responsiveness in supply chain planning are more important than ever before.
In a networked high-tech supply chain we want to simplify information sharing. So that parties can provide each other with orders, shipments and 3D drawings efficiently and effectively. In fieldlab the Smart Connected Supplier Network Tradecloud, and many others, develop, test and implement new standards for information sharing based on semantic technology, thereby ensuring optimal interoperability between parties.
To make rapid decisions in today’s fast-acting environment, we need smart, time-saving, easy to interpret and most importantly decision-supporting key performance indicators (or even better Actionable Insights). We have collected the most important supply chain metrics for you. Please check our buyer and supplier pages to learn what the Tradecloud network is about.
A recent survey from the Lünendonk market researchers found that in Germany, the level of connectivity between suppliers and purchasers reaches between 5 and 50 percent, which shows typical characteristics of small and medium-sized enterprises.