A shift to shorter supply chains not only helps manage the unpredictability of costs, but also strengthens supply chain resilience by reducing dependency on distant suppliers.
That figure would cover the cost of 13 border-related programs to deal with physical checks on plant and animal imports and safety and security declarations.
Building structural resilience, and putting the right solution in place to suit your unique brand now will ensure that firms can emerge from a volatile economy and recession stronger.
Managing a supply chain is a complex task which has only grown more intricate in recent years due to globalization, a volatile geo-political landscape, technological advancements, and the increasing demands of consumers.
The problem of modern slavery — coercing labor from ethnic minorities and economically disadvantaged adults and children — has lurked in global supply chains for decades. But trade laws in recent years have made it crucial for businesses to address this risk now in their supply chains — or face serious consequences.
Technological advancements like RFID and GPS have revolutionized supply chain management, providing visibility and rapid response capabilities, but also increasing risks such as cyber threats. A combination of physical barriers, technological solutions, and procedural controls creates redundancies that enhance resilience against threats like theft and tampering.