SALT LAKE CITY, March 27, 2023 /PRNewswire/ -- RizePoint, a technology leader in the food safety, quality management, compliance, and social responsibility space, says in today's fast-paced business world, supply chain transparency is more important than ever.
"Supply chain transparency is crucial for risk management, improving supplier performance, and meeting customer expectations. Organizations can identify and mitigate risks, protect their reputation and bottom line, and reduce costs by providing real-time data and feedback to suppliers. Transparency is no longer an option but a necessity for companies to stay competitive," said Paul Damaren, Executive Vice President, Business Development at RizePoint.
"As consumers become increasingly aware of the environmental and social impact of the products they buy, they want to know about companies' commitment to quality and safety standards, raw material sourcing, fair labor practices, animal welfare, environmental protection, and sustainability. And these demands have resulted in an increased focus on supply chain transparency," Damaren continued. "As brands commit to supply chain transparency, they're rewarded with numerous, significant benefits for their organization, suppliers, and customers."
According to Damaren, boosting transparency all along the supply chain will help brands:
Manage risk. Greater visibility into the supply chain means that organizations can identify and mitigate potential risks, such as natural disasters, labor disputes, transportation delays, and other disruptions. This can help protect organizations' products, reputations, and bottom line.
Improve supplier performance. Digital solutions, like RizePoint's, means organizations can get accurate real-time data and feedback so they can take action to improve their operations, solve problems, boost safety and quality, increase accuracy, and reduce costs.
Increase brand loyalty. Customer retention and loyalty is essential to a brand's profitability. It costs five to seven times as much to attract a new customer than to keep an existing one, and a 5% customer retention rate can increase profits by 25-95%. As more consumers gravitate towards brands that operate safely and ethically, sharing information about your supply chain is a great way to increase trust, loyalty, sales and profits.
Improve resiliency. Supply chain transparency creates resilient operations by providing valuable real-time data to stakeholders. Having a clear view of inventory, potential disruptors, and activity all along the supply chain allows companies to be more agile, flexible, responsive, and resilient.
Increase profits and productivity. Not only can supply chain transparency improve a company's reputation among end-users, but it can also increase its productivity, reduce operational cost, and increase profits 2% to 10%.
Make smarter decisions. Tech solutions with real-time capabilities can gather data in one place for a single source of truth, and provide analytics that help brand leaders make smarter, more informed decisions. Armed with this critical knowledge, brands can reduce risks, solve problems, eliminate waste, anticipate disruptions, implement positive changes, maximize performance, and optimize operations.
Strengthen partnerships. Building trust via supply chain transparency isn't limited to end-users only. Boosting transparency along the supply chain will create a culture of trust, attracting like-minded suppliers, vendors, and partners. This effort will also help you communicate more effectively with your suppliers, improve your suppliers' quality management systems, create long-lasting relationships with suppliers, and drive continuous improvement across the supply chain.
Contribute to industry-wide improvement. The benefits of supply chain transparency can extend across your industry. When your brand ? and your suppliers ? provide proof of quality and integrity, you gain a competitive advantage. Whether you're working to offer sustainably raised meat to your customers, reduce your carbon footprint, or fight against unsafe working conditions, your commitment to these important issues can be an effective catalyst for industry-wide change.
"Supply chain transparency is no longer an optional extra - it's a necessity," Damaren explained. "Organizations should take actionable steps ? like developing policies, setting goals, conducting audits, requiring supplier safety and quality documentation, using tech tools to collect data, and providing information to key stakeholders ? to reap all of the benefits of increasing transparency across the supply chain."
For 22+ years, RizePoint has offered quality management software solutions that help companies keep brand promises through their quality, safety, and compliance efforts. A technology leader in the food safety, quality management, compliance, and social responsibility space, RizePoint helps companies, including Starbucks, McDonald's, Marriott, and more, keep brand promises through their quality, safety, and compliance efforts. Customers gather better data, see necessary actions earlier, and act faster to correct issues before they become costly liabilities. Visit rizepoint.com.
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