Is Recall a Real Threat to Manufacturers?

1. Is Recall a Real Threat to Manufacturers? Product Recall is seriously impacting manufacturers in every industry. Usually Recalls are triggered with the intention of protecting customers or to gather intelligence which impact the company prospects (including finance & brand value). Recalls can cause damage to the intangible assets of the company, and also force the company to face legal action, if it’s proven that the company products are not meeting the industrial standards. This forces the companies/manufacturers to recall their failure products voluntarily, for avoiding legal or any other penalties. However, when managed properly the recall result can showcase company’s commitment towards its customers. Hence recall process is to be executed fast, and at the same time it should be precise as well. From consumer products, and automobiles to pharmaceuticals Recalls hits each & every industry. Product recall is considered as socially & commercially important for maintaining any company’s brand value. Mercedes, Mondelez, Novartis are brands in their respective sectors, as they respect the value of timely product recalls, and implement the same in an organized manner without any chaos. These actions ensure that even a faulty product gifts the brand a value of “Safety & Security” Recalls in industries demands a transparent supply chain where an efficient & direct communication channel is established between all the participants. This channel should allow all the participants to •Communicate directly. •Identify defective products at any point in the process. •Receive up-to-date information instantly. Irony is that centralized supply chain can’t help in maintaining speed that product recalls demands. This is where companies deploy technologies such as DLT (Distributed Ledger Technology)/ Blockchain in the process. This technology ensures the speed, flexibility, accuracy and clear resolutions, avoiding smaller recalls situations to turn into disasters.

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