ediTRACK’s new Ethical Trade software combats supply chain risk
Supply chain security risk is on the rise, but ediTRACK’s new Ethical Trade software allows companies to tighten their supply chains by documenting and sharing supplier information.
Can you account for every single link in your supply chain? Are you concerned about weak links? Increasingly, the job of managing your suppliers involves managing risk, and if recent statistics are to be believed, this risk is increasing. Deloitte has revealed that 48% of retail and manufacturing executives claim that the frequency of risk events with negative outcomes has increased over the last three years, and 53% believe that the costs of these disruptions has also increased. These statistics resonate particularly strongly given this year’s high profile supply chain issues, including the horsemeat scandal and the Bangladesh factory disaster.
It can be tricky finding reliable suppliers who fit your company’s cost, quality and logistical requirements. Some companies switch from local trusted suppliers to lower cost suppliers, which are often situated further away and out of sight. This may save money in the short run, but it increases potential points of failure in the supply chain and overall supply chain risk as a result. Companies need a system in place that allows them to quickly select reliable, ethically vetted suppliers, to mitigate the risk ‘hotspots’ in their supply chains.
Our latest software Lighthouse Ethical Trade helps businesses to monitor the security of their supply chains, and track the provenance of their products. We developed the software in response to growing customer demand for solutions to enhance supply chain traceability, in a year which has seen supply chain security breaches dominating the news. More and more businesses are striving to trade ethically and securely, and we want to provide them with a simple, efficient way of doing this.
Lighthouse Ethical Trade provides greater visibility of checks and audits, and enables easy tracking of relationships between suppliers and factories. It also highlights urgent areas for attention, meaning that no breach in supply chain security will be left uncovered for long. Its dynamic reporting dashboard shows management the rating of all of their factories in accordance to the ethical trade initiative (ETI) base code, and alerts users to any supplier factories that need urgent attention so that preventative action can be taken.
Early adopters of our Ethical Trade software include major fashion retailers, but we expect more businesses in other sectors to move towards having more secure, visible and accountable supply chains without compromising their all-important lead times. With its easy online process using real-time data access, the software is perfect for companies seeking to operate efficiently and reduce lead times whilst maintaining ethical supply chain processes.
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Why not view our video on ethical supplier sourcing?