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Firms Lose $30bn Yearly by Failing to Share Supplier Information, Research Says

Global companies are wasting more than $30bn (£20bn) a year because they do not share information about suppliers, according to business information provider Achilles.

Firms Lose $30bn Yearly by Failing to Share Supplier Information, Research Says

It says only a third of global firms across the UK, U.S, Spain, Brazil and Nordic countries work collaboratively with other similar businesses to manage information about suppliers.

This is despite 88 percent of them saying domestic and international "arms" of their company require the same details from suppliers in terms of health and safety, environment, quality, sustainability and ethics, according to a survey of supply chain professionals from 300 large businesses across the oil and gas, manufacturing, construction and utilities sectors.

In the UK, 31 percent of businesses said they worked with other firms in the same industry to share the administrative burden of carrying out due diligence such as pre-qualification, verification and audits. This was a little less than in the U.S. where the figure was 32 percent, and Sweden, Denmark and Norway where it was 37 percent. In Spain 18 percent of firms said they shared the administrative burden with their counterparts in industry.

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It says only a third of global firms across the UK, U.S, Spain, Brazil and Nordic countries work collaboratively with other similar businesses to manage information about suppliers.

This is despite 88 percent of them saying domestic and international "arms" of their company require the same details from suppliers in terms of health and safety, environment, quality, sustainability and ethics, according to a survey of supply chain professionals from 300 large businesses across the oil and gas, manufacturing, construction and utilities sectors.

In the UK, 31 percent of businesses said they worked with other firms in the same industry to share the administrative burden of carrying out due diligence such as pre-qualification, verification and audits. This was a little less than in the U.S. where the figure was 32 percent, and Sweden, Denmark and Norway where it was 37 percent. In Spain 18 percent of firms said they shared the administrative burden with their counterparts in industry.

Read Full Article

Firms Lose $30bn Yearly by Failing to Share Supplier Information, Research Says