#throwbackthursday from 2.5 years ago #traceability for #supplychainmanagement #sustainability #esg #competitiveadvantage #carbonreduction #consumerawareness #costsavings #recycling #upcycling #operationalresilience #supplychainsecurity #provenance #chainofcustody and legal labour practices had already been in the mainstream. This insightful article from Bain & Company offers compelling business benefits and starting points for Traceability Solutions.
Here are a few key points from the article:
I. "Winning in the coming decade will require a transparent and circular value chain—one that reduces or reuses materials and remanufactures or recycles products—lowering cost and creating less waste. That means looking beyond the materials provided by a company’s Tier 1 suppliers and the first line of customers who purchase their goods. The broader value chain includes every supplier’s supplier and every customer’s customer." The supply chain as an interoperable, interdependent fully meshed topology that consists of Manufacturers, Distributors, Retailers, and Consumers. This is what it means when people use the term "circular" and "circular economy" along with how your brand is perceived relative to ESG, waste management, recycling, upcycling, creating "green programs," and carbon incentives. We're all in this together. We each play a part. Quite simply, you need the data to strategize and make more informed "green" decisions.
II. "The technology is already available to trace each raw material that goes into a product and follow how a product is used and where it is discarded. With this data and information, traceability plays two roles that support sustainability. It provides visibility on inputs and processes across the value chain, and it provides the source information for provenance and sustainability certifications." Intriguing, isn't it? Inputs and Processes translate to exchange of goods, transactions, and profitability. EU Regulatory Compliance mandates such as Corporate Sustainability Reporting Directive, Digital Product Passport, Ecodesign for Sustainable Products, Industrial Emissions Directive, and the Waste Framework Directive are shifting the mindset and driving the need for Traceability. Since the technology is already available, start today by evaluating a solution such as COTIT.
III. "Select applications based on clear business objectives and the ability to create immediate value. That will help to convince partners and stakeholders of the benefits of a shared ecosystem. Focus on application areas that allow you to influence how other members of the ecosystem behave." It's actually easy. Start with a small #poc #pov. Define, the business goals, objectives, and success criteria. Deploy the Traceability solution. Run the PoC/V for 4-6 weeks. Review the results. Determine next steps.
#eachoneteachone #passiton #togetherwemakeithappen
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