Your supply chain is essentially a set of successive contractual arrangements designed to provide you with goods and services that you either use internally or pass on to your customers. This is typically a controlled process, best described as a network with contract conditions and oversight so that your organisation can retain control over the quality of the product you are sourcing.
The Brexit Aftermath: Why Identifying And Managing Supply Chain Risk Is More Important Than Ever For Exporters
If you’re an exporter, last week’s shock result in the UK’s ‘Brexit’ referendum has thrown the importance of supply chain management into the spotlight. Britain’s decision to leave the European Union has rocked markets worldwide, and The Australian reports that some executives and advisers are cooling off on corporate deal-making as boards wait to see how currencies settle and reassess the risk of doing business in Britain.
In order for any organisation to meet its goals, it has to seriously concentrate on three things: Governance, Risk Management, and Compliance, known collectively as GRC. These three areas have quite a bit of overlap, which is why they are often treated as three parts of a single area.
Some things in life are simply meant to go together, and one such pairing is undeniably the Australian wool industry and China. Australia is the world’s number one producer of premium quality fine wool, and is the largest producer of all wools by value and volume. 73% of Australian wool exports go to China, the largest importer of wool in the world. In fact, Australian wool makes up 63% of the entire Chinese wool market.
Even if your business has never exported before, it may be considering doing so now in the wake of ChAFTA. The opportunity for up to a billion new customers is just too great to pass up in most cases, especially with tariffs being relaxed across so many industries. If your business is contemplating getting into the export game, or just expanding into the Chinese market, there are many additional risks that it will take on in the process. Here are 10 things to consider, in order to manage those risks effectively and grow your exporting business. In this article we examine the potential risks in exporting and how to minimise them using an effective auditing system.
Your brand is your reputation, and your reputation determines your success. This is even more important when considering exporting to foreign nations, as the risks to brands being tarnished are harder to mitigate, and can ultimately be more harmful. A global reputation for poor products is obviously more difficult to repair than a national reputation. In this article, we look at ways SMEs can protect their brand and reputation when exporting, with attention on exporting to China.
The historic ChAFTA free trade agreement will positively affect many industries in Australia, and the dairy industry may be among the top beneficiaries of the deal. Financial analysts are claiming that the Australian dairy industry is entering a new, and the “mining boom” of recent years is expected to be rivaled by the coming “dining boom” as China’s demand for dairy products continues to grow rapidly.
Today we look at the possibilities for dairy under ChAFTA and the necessity of auditing for success.
There is often some confusion about the difference between the traditional supply chain and what has come to be known as a “value chain”. In reality, the two usually overlap and can even be the same “chain”. The difference lies in the high-level view of the process, but it can be argued in most cases – if not all – that a supply chain that isn’t also a value chain is a sign of poor business practices.
Today we look at creating a value chain for business, and how effective auditing is just as important as ownership for each link in the chain.
Compliance in many organisations is reactive rather than proactive, and perceived as a necessary evil to stay in business. More sophisticated organisations who place a higher value on compliance, however, are using the data from compliance audits to gain competitive advantage and mitigate risk exposure.
Compliance data, when collected correctly, is rich business intelligence and offers invaluable insight into internal and external business process, performance and control metrics. Digitised compliance monitoring systems are a necessity to gather this information in real-time, which is the only way this application of the data is effectively possible. The result of this forward thinking application of data is a state of “predictive compliance”.
Today we consider how real-time audit data can allow businesses to predict and prevent future compliance risks.
The internet has created unprecedented global business opportunities over the last decade or so, giving small companies the ability to compete with big players in countries all over the world. While this revolution is historic on every level, the world is now looking at possibly an even greater development: the breaking down of trade barriers between countries, even those that may have been inaccessible before.