A sea change is under way in the regulation of global commerce, and businesses are unequipped for this new paradigm. While companies used to be accountable for their direct activity, and for the parties they do business with directly, they are now being held to account for what happens indirectly around their business across their extended, multi-tier value chains.
Network-shaped problems like eliminating forced labor, assuring against deforestation, and Scope 3 carbon accounting require value chain visibility, and value chain visibility requires an automated, intelligent, and dynamic map of the global supply chain. Your multi-tier value chain network is what matters—you rely on this network to make and distribute your goods. But having an up-to-date understanding of that network alone is not sufficient. You need to use that information to understand the risk and opportunity landscape, and then you must translate that visibility into value chain master data that enables people across your business to understand the information in a way that is relevant to their function, overlay analytics for decision support, and collaborate across silos in order to triage risks, remediate compliance exposures, and make coordinated strategic decisions from a common operating picture.
Getting to this end state is hard. Download this brief to learn how compliance leaders can turn compliance from a cost center into a competitive advantage, including the answers to four key questions that CCOs and trade compliance leaders have asked us in their value chain journey, and how Altana has helped them achieve visibility.
