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Supply Chain Blind Spots That You Might Be Missing

Every supply chain participant is experiencing unprecedented degrees of connection. Brands are more global and influential than ever before. More suppliers are being linked to more downstream partners in ways that we could not have predicted even a decade ago.

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Supply Chain Blind Spots That You Might Be Missing

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  1. Supply Chain Blind Spots That You Might Be Missing

  2. About Cozentus Technologies • Cozentus is a complete business solutions provider transforming operational productivity and efficiency of businesses across Supply Chain Management and Financial Services. • Operating globally, we bring you the best domain-specific expertise combined with digital transformation capabilities so your business can thrive in today’s connected world. Our long-term partnerships and valued relationships provide the basis for fluid collaboration and an innovative solutions-orientated approach.

  3. Supply Chain Blind Spots That You Might Be Missing • Every supply chain participant is experiencing unprecedented degrees of connection. Brands are more global and influential than ever before. More suppliers are being linked to more downstream partners in ways that we could not have predicted even a decade ago. Third-party logistics providers (3PLs) are increasingly important in storage and fulfillment. Through the rise of B2B eCommerce, even distributors are breaking the pattern. • Working with additional trade partners entails managing more channels via which information must be sent, received, and tracked. And since this shift is occurring so fast with interwoven systems that are growing more complicated over time, it's causing supply chain "blind spots."

  4. The Possibility Of Supply Chain Obscurity • Lack of supply chain awareness not only has immediate and indirect financial effects, but it also undermines the company's ethics. Reputations are on the line. And, in an era when a company's reputation may make or break your market growth, your whole business is at risk. • In the 'fast-fashion' sector, there is a persistent ethical concern with supply chains. The name gives the game away. These organizations must be quick to market, and as a result, they lose sight of their suppliers. According to Julie Niederhoff, associate professor of supply chain management at Syracuse University's Whitman Business School, "there's a trade-off between complete visibility and the slower speed of getting people on board."

  5. Global Executives Back For A "Culture Of Openness." • A research, commissioned by Harvard Business Review Analytic Services (HBRAS), discovered that worldwide executives feel a culture of openness is crucial as organizations strive to exhibit more ethical practices. • It is not only considered significant, but the survey also discovers that the most successful organizations are almost twice as likely to be adept at assessing suppliers. Visibility into the movement of money, commodities, and services is a distinguishing feature of successful companies. This implies that corporations must accept responsibility not just for the quality of their products and services, but also for how they are created.

  6. The Cost Of Supply Chain Transparency • Another problem is that customers are unwilling to pay more for the goods, thus merchants must increase their ethical standards while maintaining a steady final price for consumers. According to Drapers' Sustainability Survey, which was released in June 2019, 60% of retailers that replied claimed the primary hurdle to becoming more sustainable was that it raises prices. However, there is mounting evidence that customers are prepared to pay a premium for items supplied responsibly. • Despite the significance put on ethical concerns, the most popular reasons for assessing suppliers continue to be economic. Sixty percent of respondents choose "value for money," while 54 percent prioritize "cost reductions."

  7. Conclusion • COZENTUS recommends the following steps to mitigate and remain resilient in the event of a successful exploit in your environment: • Recommendations from Cozentus: • Maintain an inventory of information system components. • Determine your key data and establish a baseline for how that data moves across processes or systems. • Deploy artificial intelligence and machine learning analytics to discover irregularities in data flows that may be early signs of a danger. • To separate distinct sections of the organization, use simple network segmentation.

  8. Contact Us Address Contact Details Odisha 3rd Floor, Infinia Tower, Infocity, Bhubaneswar751024, Odisha, India Contact No: +91 977 712 6600 (India) Email: supplychain@cozentus.com Website: https://www.cozentus.com/

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