Supply Chain Visibility: Closer Than You Think
Running a sustainable company is not as simple as it may look. According to Christoph Wilfert, CEO of London-based Everycs, developer of a technology solution "Compliance and recycle/reuse is about knowing what's in your product—materials, chemicals, substances." He also states that "But suppliers, like chemical companies, hate formula or percentage composition disclosures, and rightfully so, because it's their intellectual property," In his opinion “It's like asking Coke to disclose their formula; it's a non-starter. The whole disclosure-based compliance process is bound to be inefficient from the get-go."
Shippers and manufacturers have been exploring for ways to achieve more ethical supply chain practices. They may soon gain the ability to access data that was never available previously. This has been due to the Everycs solution and the similar technologies that will undoubtedly follow in the recent future.
Wifert also notes that “Combined risk, hazard, and environmental data is a breakthrough," He also opines that “First, because it simplifies the process and makes it a lot cheaper. Second, because to date there hasn't been the technical platform to do it all together while protecting intellectual property rights."
At present, 50% of manufacturers do not have any visibility beyond their Tier 1 suppliers. This is as per a recent KPMG study. By modeling thousands of connected supply chains, the new software concept would be able to track components. This they would be able to do without forcing suppliers to cough up data they'd rather keep private.