Operations at around three dozen U.S. ports are in limbo as a union strike looms.
\nThe disruption, spanning the East Coast down to the Gulf, all the way from Searsport, Maine, to Brownsville, Texas, could spell disaster for both domestic and foreign supply chains across multiple sectors.
\nIt would be the first coast-wide dockworker strike on American shores since 1977, and the threat of its arrival comes as about 45,000 members of the International Longshoremen\u2019s Association\u2019s (ILA)\u00a0are seeking a new agreement with the U.S. Maritime Alliance before their contract expires Monday (Sept. 30).
\nA labor strike could affect the global supply chain, leading to delays, shortages and rising costs at a time when inflationary pressures and economic uncertainties already weigh heavily on the economy. The ports staffed by ILA members, including those in New York, New Jersey and Savannah, Georgia, are vital for the import and export of goods in the U.S. and receive 41% of the United States\u2019 port volume, the Financial Times reported.
\n\u201cA strike at this point in time would have a devastating impact on the economy\u2026,\u201d warned a coalition of 177 trade groups in a letter to President Joe Biden Tuesday (Sept. 17).
\nCargo diversions and other contingency plans have been set into motion by shippers and logistics providers, including shifting volumes to West Coast ports, CBS News reported, although these options come with higher costs and their own set of challenges.
\nWith the holiday shopping season approaching, businesses may be forced to scramble for alternatives to meet consumer demand, risking either product shortages or costly air freight shipments to maintain inventories.
\nRead also: Managing Risk and Uncertainty Headline Commerce Department\u2019s Supply Chain Summit
\nA prolonged disruption across East Coast ports would send shockwaves through supply chains worldwide, particularly for industries reliant on just-in-time inventory systems or specialized materials. Given the interconnected nature of global commerce, the consequences of even a short-term strike could reverberate beyond the U.S.
\nJuly PYMNTS Intelligence revealed that concerns over supply chain integrity and macroeconomic conditions highlight how larger external factors remain on chief financial officers\u2019 radars.
\nAs businesses brace for the potential strike at U.S. ports, the importance of proactive planning cannot be overstated. While the exact outcome remains uncertain, the potential consequences of a labor disruption at key maritime gateways are clear: delays, higher costs and strained supply chains.
\nCompanies that take steps now to diversify their logistics strategies, strengthen supplier relationships and use technology will be better positioned to weather the storm, and for many businesses, the key to survival lies in agility, adaptability and the ability to navigate uncertainty.
\nBuilding stronger relationships with suppliers \u2014 both domestic and international \u2014 can help companies secure more favorable terms and greater flexibility in the event of supply chain disruptions. Open lines of communication with suppliers can help businesses stay informed of potential risks and delays, allowing for more effective contingency planning.
\nAt the same time, digital tools and data analytics can provide businesses with better insights into their supply chains, allowing them to anticipate potential delays and adjust their logistics strategies in real time. These tools can also help companies identify inefficiencies and streamline operations, making it easier to adapt to unexpected disruptions.
\nSee also: How Digital Transformation Aligns Supply Chains With Compliance, Sanctions Risk
\nThe specter of the worker strike serves as a reminder of the fragility of supply chains and adds another snarl to the global shipping landscape atop ongoing attacks from Houthi militants in the Red Sea and broader geopolitical tensions.
\nStill, although disastrous events can trigger repercussions around the globe, they have also forced companies to invest in upgrades that have resulted in smoother procurement and supply chain efficiencies, rather than relying solely upon just-in-time delivery workflows.
\nThe PYMNTS Intelligence report \u201cDigital Payments: Modernizing Procurement Processes\u201d revealed that corporations learned lessons from the supply chain disruptions triggered by the COVID-19 pandemic. As a result, many of those companies took steps to improve their supply chain procedures.
\nAt the same time, the embrace by firms of some of the more spear-tip advances reshaping logistics and warehouse fulfillment, such as automation, remain a central concern of the ILA members threatening to strike.
\n\u201cWe will not accept automation replacing the men and women who built this industry with their blood, sweat, and sacrifice,\u201d said ILA Executive Vice President Dennis A. Daggett in a statement Friday (Sept. 20).
\nThe post US Supply Chain Risks Escalate With Potential 45,000-Strong Dockworker Strike appeared first on PYMNTS.com.
\n", "content_text": "Operations at around three dozen U.S. ports are in limbo as a union strike looms.\nThe disruption, spanning the East Coast down to the Gulf, all the way from Searsport, Maine, to Brownsville, Texas, could spell disaster for both domestic and foreign supply chains across multiple sectors.\nIt would be the first coast-wide dockworker strike on American shores since 1977, and the threat of its arrival comes as about 45,000 members of the International Longshoremen\u2019s Association\u2019s (ILA)\u00a0are seeking a new agreement with the U.S. Maritime Alliance before their contract expires Monday (Sept. 30).\nA labor strike could affect the global supply chain, leading to delays, shortages and rising costs at a time when inflationary pressures and economic uncertainties already weigh heavily on the economy. The ports staffed by ILA members, including those in New York, New Jersey and Savannah, Georgia, are vital for the import and export of goods in the U.S. and receive 41% of the United States\u2019 port volume, the Financial Times reported.\n\u201cA strike at this point in time would have a devastating impact on the economy\u2026,\u201d warned a coalition of 177 trade groups in a letter to President Joe Biden Tuesday (Sept. 17).\nCargo diversions and other contingency plans have been set into motion by shippers and logistics providers, including shifting volumes to West Coast ports, CBS News reported, although these options come with higher costs and their own set of challenges.\nWith the holiday shopping season approaching, businesses may be forced to scramble for alternatives to meet consumer demand, risking either product shortages or costly air freight shipments to maintain inventories.\nRead also: Managing Risk and Uncertainty Headline Commerce Department\u2019s Supply Chain Summit\nControlling for Uncertainty Within the Supply Chain\nA prolonged disruption across East Coast ports would send shockwaves through supply chains worldwide, particularly for industries reliant on just-in-time inventory systems or specialized materials. Given the interconnected nature of global commerce, the consequences of even a short-term strike could reverberate beyond the U.S.\nJuly PYMNTS Intelligence revealed that concerns over supply chain integrity and macroeconomic conditions highlight how larger external factors remain on chief financial officers\u2019 radars.\nAs businesses brace for the potential strike at U.S. ports, the importance of proactive planning cannot be overstated. While the exact outcome remains uncertain, the potential consequences of a labor disruption at key maritime gateways are clear: delays, higher costs and strained supply chains.\nCompanies that take steps now to diversify their logistics strategies, strengthen supplier relationships and use technology will be better positioned to weather the storm, and for many businesses, the key to survival lies in agility, adaptability and the ability to navigate uncertainty.\nBuilding stronger relationships with suppliers \u2014 both domestic and international \u2014 can help companies secure more favorable terms and greater flexibility in the event of supply chain disruptions. Open lines of communication with suppliers can help businesses stay informed of potential risks and delays, allowing for more effective contingency planning.\nAt the same time, digital tools and data analytics can provide businesses with better insights into their supply chains, allowing them to anticipate potential delays and adjust their logistics strategies in real time. These tools can also help companies identify inefficiencies and streamline operations, making it easier to adapt to unexpected disruptions.\nSee also: How Digital Transformation Aligns Supply Chains With Compliance, Sanctions Risk\nThe Future of Supply Chain Risk Mitigation\nThe specter of the worker strike serves as a reminder of the fragility of supply chains and adds another snarl to the global shipping landscape atop ongoing attacks from Houthi militants in the Red Sea and broader geopolitical tensions.\nStill, although disastrous events can trigger repercussions around the globe, they have also forced companies to invest in upgrades that have resulted in smoother procurement and supply chain efficiencies, rather than relying solely upon just-in-time delivery workflows.\nThe PYMNTS Intelligence report \u201cDigital Payments: Modernizing Procurement Processes\u201d revealed that corporations learned lessons from the supply chain disruptions triggered by the COVID-19 pandemic. As a result, many of those companies took steps to improve their supply chain procedures.\nAt the same time, the embrace by firms of some of the more spear-tip advances reshaping logistics and warehouse fulfillment, such as automation, remain a central concern of the ILA members threatening to strike.\n\u201cWe will not accept automation replacing the men and women who built this industry with their blood, sweat, and sacrifice,\u201d said ILA Executive Vice President Dennis A. Daggett in a statement Friday (Sept. 20).\nThe post US Supply Chain Risks Escalate With Potential 45,000-Strong Dockworker Strike appeared first on PYMNTS.com.", "date_published": "2024-09-23T11:23:21-04:00", "date_modified": "2024-09-23T11:23:21-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/supply-chain-management-logistics.jpg", "tags": [ "automation", "data analytics", "economy", "International Longshoremen\u2019s Association", "logistics", "News", "PYMNTS News", "supply chain management", "Technology", "U.S. Maritime Alliance", "Supply Chain" ] }, { "id": "https://www.pymnts.com/?p=2101408", "url": "https://www.pymnts.com/supply-chain/2024/nasas-supply-chain-issues-put-spotlight-on-b2b-vendor-risk/", "title": "NASA\u2019s Supply Chain Issues Put Spotlight on B2B Vendor Risk", "content_html": "NASA operates one of the most complex supply chains in the world. Its procurement processes span numerous industries, ranging from aerospace and electronics to materials science and logistics.
\nThat supply chain came under a spotlight with the Tuesday (Sept. 17) news that Axiom Space, a key NASA partner on the development of a private space station in low-Earth orbit as well as for spacesuits that could one day be worn by astronauts on the Moon, is facing financial difficulties that could imperil these projects as well as leading it to reportedly fall behind on payments to its own suppliers.
\nThese issues not only reveal the intricate web of dependencies in a highly specialized industry, but also highlight broader lessons for businesses navigating the risks inherent in B2B supply chains \u2014 even earthly ones.
\nAfter all, the intricate nature of trading in earth\u2019s orbit for the great blue yonder (space, not the afterlife) requires that every component \u2014 from spacecraft modules to microchips \u2014 is delivered on time and meets the highest quality standards. Each supplier in this chain is not just responsible for delivering a part but for ensuring the part adheres to NASA\u2019s stringent regulatory and safety requirements, with many suppliers serving as specialized firms that are the sole providers of specific parts or technologies.
\nThis heavy reliance on niche suppliers creates an inherent vulnerability: any disruption at even one link in the chain can have a cascading effect on the entire project. And with projects costing billions of dollars and spanning years, these delays can become both costly and problematic.
\nAs industries globally contend with increasingly complex and interconnected supply chains, NASA\u2019s experience offers a cautionary tale about the hidden risks and opportunities for B2B enterprises in managing such networks.
\nSee also: How Digital Transformation Aligns Supply Chains With Compliance, Sanctions Risk
\nNASA\u2019s reliance on highly specialized suppliers is emblematic of a broader risk in B2B supply chains \u2014 the lack of redundancy.
\nWhile relying on specialized suppliers can drive innovation and ensure quality, businesses must increasingly consider alternative sources for critical components. Diversifying suppliers not only reduces the risk of disruption but also creates competitive pressure that can lead to improved pricing and service levels.
\nWhen businesses rely on a single vendor for critical components, they expose themselves to significant risks if that vendor fails to deliver. For smaller firms, this may result in production halts, while for larger enterprises, the ripple effects can cause disruptions across multiple product lines or geographies.
\nAnd as the NASA supply chain pain points also reveal, many B2B businesses tend to grapple with inherently extended lead times, particularly in industries like aerospace, pharmaceuticals, and automotive, where the sourcing and development of parts are complex and time sensitive. The lengthy timeframes for developing custom parts or conducting rigorous testing create vulnerabilities to changing market conditions, regulatory shifts, or unforeseen logistical hurdles.
\nJuly PYMNTS Intelligence revealed that concerns over\u00a0supply chain integrity\u00a0and macroeconomic conditions highlight how larger external factors also remain on CFOs\u2019 radars.
\nBusinesses can help mitigate the impact of unexpected delays by engaging in regular communication with their suppliers to identify potential bottlenecks early. Establishing clear expectations, fostering open communication, and working collaboratively with suppliers can help resolve issues before they escalate into major disruptions.
\nRead more: Managing Third-Party Risks Emerges as Key B2B Issue
\nAt the same time, advanced risk management tools can provide businesses with insights into potential vulnerabilities. Modern software solutions can track the movement of goods and materials across every level of the supply chain, offering real-time insights into potential disruptions. This transparency enables businesses to respond quickly to issues, reducing the likelihood of costly delays.
\nFor example, utilizing predictive analytics and artificial intelligence (AI) to monitor supplier performance and flag potential delays can allow companies to take preventive action.
\n\u201cThe integration of AI, ML [machine learning], and vast computing power, coupled with an\u00a0abundance of data, has transformed our approach to demand forecasting, inventory flow and cost optimization,\u201d\u00a0Parvez Musani,\u00a0SVP, end-to-end fulfillment,\u00a0Walmart\u00a0U.S. Omni Platforms and Tech, told PYMNTS. \u201cCustomers who can count on you during challenging times will reward you with their continued business. \u2026 Businesses must be able to adjust to disruptions quickly.\u201d
\nUltimately, NASA\u2019s supply chain challenges serve as a potent reminder that even the most technologically advanced organizations can fall victim to supply chain risks. However, these risks are not insurmountable. By building redundancy, strengthening supplier relationships, enhancing visibility, and fostering agility, B2B businesses can not only mitigate these risks but turn them into opportunities for innovation and growth.
\nThe post NASA\u2019s Supply Chain Issues Put Spotlight on B2B Vendor Risk appeared first on PYMNTS.com.
\n", "content_text": "NASA operates one of the most complex supply chains in the world. Its procurement processes span numerous industries, ranging from aerospace and electronics to materials science and logistics.\nThat supply chain came under a spotlight with the Tuesday (Sept. 17) news that Axiom Space, a key NASA partner on the development of a private space station in low-Earth orbit as well as for spacesuits that could one day be worn by astronauts on the Moon, is facing financial difficulties that could imperil these projects as well as leading it to reportedly fall behind on payments to its own suppliers.\nThese issues not only reveal the intricate web of dependencies in a highly specialized industry, but also highlight broader lessons for businesses navigating the risks inherent in B2B supply chains \u2014 even earthly ones.\nAfter all, the intricate nature of trading in earth\u2019s orbit for the great blue yonder (space, not the afterlife) requires that every component \u2014 from spacecraft modules to microchips \u2014 is delivered on time and meets the highest quality standards. Each supplier in this chain is not just responsible for delivering a part but for ensuring the part adheres to NASA\u2019s stringent regulatory and safety requirements, with many suppliers serving as specialized firms that are the sole providers of specific parts or technologies.\nThis heavy reliance on niche suppliers creates an inherent vulnerability: any disruption at even one link in the chain can have a cascading effect on the entire project. And with projects costing billions of dollars and spanning years, these delays can become both costly and problematic.\nAs industries globally contend with increasingly complex and interconnected supply chains, NASA\u2019s experience offers a cautionary tale about the hidden risks and opportunities for B2B enterprises in managing such networks.\nSee also: How Digital Transformation Aligns Supply Chains With Compliance, Sanctions Risk\nSupply Chain Disruptions in the Context of B2B Risk\nNASA\u2019s reliance on highly specialized suppliers is emblematic of a broader risk in B2B supply chains \u2014 the lack of redundancy.\nWhile relying on specialized suppliers can drive innovation and ensure quality, businesses must increasingly consider alternative sources for critical components. Diversifying suppliers not only reduces the risk of disruption but also creates competitive pressure that can lead to improved pricing and service levels.\nWhen businesses rely on a single vendor for critical components, they expose themselves to significant risks if that vendor fails to deliver. For smaller firms, this may result in production halts, while for larger enterprises, the ripple effects can cause disruptions across multiple product lines or geographies.\nAnd as the NASA supply chain pain points also reveal, many B2B businesses tend to grapple with inherently extended lead times, particularly in industries like aerospace, pharmaceuticals, and automotive, where the sourcing and development of parts are complex and time sensitive. The lengthy timeframes for developing custom parts or conducting rigorous testing create vulnerabilities to changing market conditions, regulatory shifts, or unforeseen logistical hurdles.\nJuly PYMNTS Intelligence revealed that concerns over\u00a0supply chain integrity\u00a0and macroeconomic conditions highlight how larger external factors also remain on CFOs\u2019 radars.\nBusinesses can help mitigate the impact of unexpected delays by engaging in regular communication with their suppliers to identify potential bottlenecks early. Establishing clear expectations, fostering open communication, and working collaboratively with suppliers can help resolve issues before they escalate into major disruptions.\nRead more: Managing Third-Party Risks Emerges as Key B2B Issue\nEnhancing Supply Chain Visibility With Technology\nAt the same time, advanced risk management tools can provide businesses with insights into potential vulnerabilities. Modern software solutions can track the movement of goods and materials across every level of the supply chain, offering real-time insights into potential disruptions. This transparency enables businesses to respond quickly to issues, reducing the likelihood of costly delays.\nFor example, utilizing predictive analytics and artificial intelligence (AI) to monitor supplier performance and flag potential delays can allow companies to take preventive action.\n\u201cThe integration of AI, ML [machine learning], and vast computing power, coupled with an\u00a0abundance of data, has transformed our approach to demand forecasting, inventory flow and cost optimization,\u201d\u00a0Parvez Musani,\u00a0SVP, end-to-end fulfillment,\u00a0Walmart\u00a0U.S. Omni Platforms and Tech, told PYMNTS. \u201cCustomers who can count on you during challenging times will reward you with their continued business. \u2026 Businesses must be able to adjust to disruptions quickly.\u201d\nUltimately, NASA\u2019s supply chain challenges serve as a potent reminder that even the most technologically advanced organizations can fall victim to supply chain risks. However, these risks are not insurmountable. By building redundancy, strengthening supplier relationships, enhancing visibility, and fostering agility, B2B businesses can not only mitigate these risks but turn them into opportunities for innovation and growth.\nThe post NASA\u2019s Supply Chain Issues Put Spotlight on B2B Vendor Risk appeared first on PYMNTS.com.", "date_published": "2024-09-18T11:20:27-04:00", "date_modified": "2024-09-23T23:01:57-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/NASA-supply-chain-B2B.png", "tags": [ "Axiom Space", "B2B", "B2B Payments", "B2B supply chains", "commercial payments", "NASA", "News", "procurement", "PYMNTS News", "risk management", "software", "Supply Chain", "supply chain management", "Technology", "What's Hot In B2B" ] }, { "id": "https://www.pymnts.com/?p=2099937", "url": "https://www.pymnts.com/supply-chain/2024/how-digital-transformation-aligns-supply-chains-with-compliance-sanctions-risk/", "title": "How Digital Transformation Aligns Supply Chains With Compliance, Sanctions Risk", "content_html": "Mitigating risk by controlling\u00a0the\u00a0controllable is increasingly top of mind for global, enterprise businesses.
\nAnd with the news Friday (Sept. 13) that the White House is considering closing a rule that allows foreign eCommerce giants, such as\u00a0Shein\u00a0and\u00a0Temu, to ship direct to U.S. consumers without duties or taxes if their shipment\u2019s aggregate fair retail is $800 or less, identifying where their own supply chain risks lie is becoming a pressing challenge for firms around the world.
\nAfter all, in an era of geopolitical uncertainty, rising protectionism and growing regulatory scrutiny, managing compliance and sanctions risk has become a key priority for savvy firms looking to expand internationally and win greater market share relative to their peers.
\nIn the realm of sanctions compliance, even minor missteps can have devastating financial and reputational consequences. As international trade becomes more complex, the need for real-time intelligence and innovative financial solutions has grown exponentially. Businesses can no longer rely on traditional methods of monitoring their supply chains, as the dynamic and unpredictable nature of modern trade demands faster, more accurate data to mitigate risks.
\nAt the intersection of these challenges sit ongoing advancements in supply chain financing and real-time intelligence tools, which are emerging as essential components for companies to navigate an increasingly treacherous landscape.
\nSee also: The Convenience-Compliance Conundrum in Cross-Border B2B Payments
\nToday, the global sanctions landscape includes a myriad of lists, each containing hundreds of entities across multiple jurisdictions. These include not only countries but also specific individuals, organizations and even vessels that are blacklisted. Whereas in the past, businesses might have had to worry about avoiding trade with a handful of embargoed nations, the scope and complexity of global sanctions have grown dramatically in recent years.
\nSupply chain compliance has traditionally been viewed through the lens of ensuring that partners and suppliers adhere to the same standards as the parent company. This can include everything from environmental regulations to labor practices to tax requirements.
\nHowever, the growing complexity of sanctions regimes has added an entirely new dimension to supply chain compliance: the need to ensure that every partner, at every step of the supply chain, is in full compliance with all relevant sanctions and requirements across far-flung jurisdictions.
\nJuly PYMNTS Intelligence revealed that concerns over\u00a0supply chain integrity\u00a0and macroeconomic conditions highlight how larger external factors also remain on CFOs\u2019 radars.
\n\u201cFor any business conducting commerce across multiple countries and jurisdictions, the continuous evolution of the tax landscape has become the norm. This is why we advise customers to have a long-term strategy when it comes to tax and compliance so that no one event or outside factor can disrupt your business operations,\u201d Sovos\u00a0President of Revenue\u00a0Alice Katwan\u00a0writes in a new PYMNTS eBook, \u201cBeyond the Horizon: How to Identify Unexpected Threats That Could Impact Your Business.\u201d
\nIn many cases, businesses are unaware of the full extent of their compliance vulnerabilities until it is too late. A supplier several steps removed in the supply chain may be engaging in prohibited activities, such as dealing with a sanctioned company, without the knowledge of the primary business. As such, there is an increasing need for tools that provide greater visibility into the entire supply chain.
\nRead more:\u00a0Embedded Finance and the Great Supply Chain Reset
\nWhile the entities holding the best and most granular information about supply chains tend to be private companies, PYMNTS has\u00a0previously covered\u00a0how traditional\u00a0methods of compliance management\u00a0often fall short due to their reliance on manual processes and retrospective analysis, highlighting the role that\u00a0future-fit advances\u00a0like artificial intelligence (AI) can play in both securing and streamlining the global business landscape by helping firms enhance their AML compliance and detect suspicious activity in real time.
\nTraditional, manual methods of compliance monitoring \u2014 such as periodic audits and static databases \u2014 are no longer sufficient. Instead, companies need automated solutions that can provide continuous monitoring of their supply chains and alert them to potential violations as they occur. Real-time intelligence tools, after all, allow businesses to track the movements of goods and materials across borders, monitor the activities of their suppliers and partners and ensure that they are complying with the latest regulations.
\nWhile real-time intelligence helps businesses identify and manage compliance risks, supply chain financing offers another layer of protection. Supply chain financing solutions provide companies with access to liquidity, allowing them to maintain the financial flexibility needed to navigate disruptions, such as those caused by sanctions.
\nIn recent years, supply chain financing has evolved beyond traditional trade finance solutions to include more sophisticated options, such as dynamic discounting, reverse factoring, and payables finance. These solutions allow businesses to extend credit to their suppliers, ensuring that they can continue to operate even in the face of financial or regulatory challenges.
\nAnd real-time intelligence and supply chain financing are not just useful tools \u2014 they are becoming essential components of a modern, risk-aware supply chain strategy. By providing greater visibility into the supply chain and offering financial flexibility, these solutions help businesses mitigate compliance risks and adapt to new challenges as they arise.
\nThe post How Digital Transformation Aligns Supply Chains With Compliance, Sanctions Risk appeared first on PYMNTS.com.
\n", "content_text": "Mitigating risk by controlling\u00a0the\u00a0controllable is increasingly top of mind for global, enterprise businesses.\nAnd with the news Friday (Sept. 13) that the White House is considering closing a rule that allows foreign eCommerce giants, such as\u00a0Shein\u00a0and\u00a0Temu, to ship direct to U.S. consumers without duties or taxes if their shipment\u2019s aggregate fair retail is $800 or less, identifying where their own supply chain risks lie is becoming a pressing challenge for firms around the world.\nAfter all, in an era of geopolitical uncertainty, rising protectionism and growing regulatory scrutiny, managing compliance and sanctions risk has become a key priority for savvy firms looking to expand internationally and win greater market share relative to their peers.\nIn the realm of sanctions compliance, even minor missteps can have devastating financial and reputational consequences. As international trade becomes more complex, the need for real-time intelligence and innovative financial solutions has grown exponentially. Businesses can no longer rely on traditional methods of monitoring their supply chains, as the dynamic and unpredictable nature of modern trade demands faster, more accurate data to mitigate risks.\nAt the intersection of these challenges sit ongoing advancements in supply chain financing and real-time intelligence tools, which are emerging as essential components for companies to navigate an increasingly treacherous landscape.\nSee also: The Convenience-Compliance Conundrum in Cross-Border B2B Payments\nStaying Ahead of Rising Threats Impacting Global Supply Chains\nToday, the global sanctions landscape includes a myriad of lists, each containing hundreds of entities across multiple jurisdictions. These include not only countries but also specific individuals, organizations and even vessels that are blacklisted. Whereas in the past, businesses might have had to worry about avoiding trade with a handful of embargoed nations, the scope and complexity of global sanctions have grown dramatically in recent years.\nSupply chain compliance has traditionally been viewed through the lens of ensuring that partners and suppliers adhere to the same standards as the parent company. This can include everything from environmental regulations to labor practices to tax requirements.\nHowever, the growing complexity of sanctions regimes has added an entirely new dimension to supply chain compliance: the need to ensure that every partner, at every step of the supply chain, is in full compliance with all relevant sanctions and requirements across far-flung jurisdictions.\nJuly PYMNTS Intelligence revealed that concerns over\u00a0supply chain integrity\u00a0and macroeconomic conditions highlight how larger external factors also remain on CFOs\u2019 radars.\n\u201cFor any business conducting commerce across multiple countries and jurisdictions, the continuous evolution of the tax landscape has become the norm. This is why we advise customers to have a long-term strategy when it comes to tax and compliance so that no one event or outside factor can disrupt your business operations,\u201d Sovos\u00a0President of Revenue\u00a0Alice Katwan\u00a0writes in a new PYMNTS eBook, \u201cBeyond the Horizon: How to Identify Unexpected Threats That Could Impact Your Business.\u201d\nIn many cases, businesses are unaware of the full extent of their compliance vulnerabilities until it is too late. A supplier several steps removed in the supply chain may be engaging in prohibited activities, such as dealing with a sanctioned company, without the knowledge of the primary business. As such, there is an increasing need for tools that provide greater visibility into the entire supply chain.\nRead more:\u00a0Embedded Finance and the Great Supply Chain Reset\nThe Future of Compliance in Global Supply Chains\nWhile the entities holding the best and most granular information about supply chains tend to be private companies, PYMNTS has\u00a0previously covered\u00a0how traditional\u00a0methods of compliance management\u00a0often fall short due to their reliance on manual processes and retrospective analysis, highlighting the role that\u00a0future-fit advances\u00a0like artificial intelligence (AI) can play in both securing and streamlining the global business landscape by helping firms enhance their AML compliance and detect suspicious activity in real time.\nTraditional, manual methods of compliance monitoring \u2014 such as periodic audits and static databases \u2014 are no longer sufficient. Instead, companies need automated solutions that can provide continuous monitoring of their supply chains and alert them to potential violations as they occur. Real-time intelligence tools, after all, allow businesses to track the movements of goods and materials across borders, monitor the activities of their suppliers and partners and ensure that they are complying with the latest regulations.\nWhile real-time intelligence helps businesses identify and manage compliance risks, supply chain financing offers another layer of protection. Supply chain financing solutions provide companies with access to liquidity, allowing them to maintain the financial flexibility needed to navigate disruptions, such as those caused by sanctions.\nIn recent years, supply chain financing has evolved beyond traditional trade finance solutions to include more sophisticated options, such as dynamic discounting, reverse factoring, and payables finance. These solutions allow businesses to extend credit to their suppliers, ensuring that they can continue to operate even in the face of financial or regulatory challenges.\nAnd real-time intelligence and supply chain financing are not just useful tools \u2014 they are becoming essential components of a modern, risk-aware supply chain strategy. By providing greater visibility into the supply chain and offering financial flexibility, these solutions help businesses mitigate compliance risks and adapt to new challenges as they arise.\nThe post How Digital Transformation Aligns Supply Chains With Compliance, Sanctions Risk appeared first on PYMNTS.com.", "date_published": "2024-09-16T14:07:05-04:00", "date_modified": "2024-09-17T23:02:24-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2022/08/supply-chain.jpg", "tags": [ "B2B", "B2B Payments", "commercial payments", "cross border trade", "cross-border commerce", "digital transformation", "ecommerce", "international trade", "News", "PYMNTS News", "regulations", "risk management", "Supply Chain", "supply chain compliance", "supply chain financing", "supply chain management", "supply chain risk", "Technology" ] }, { "id": "https://www.pymnts.com/?p=2097012", "url": "https://www.pymnts.com/supply-chain/2024/managing-risk-and-uncertainty-headline-commerce-departments-supply-chain-summit/", "title": "Managing Risk and Uncertainty Headline Commerce Department\u2019s Supply Chain Summit", "content_html": "When it comes to controlling for what\u2019s controllable, supply chain resilience is top of mind.
\nAfter all, against the backdrop of today\u2019s shifting and dynamic operating environment, the enterprise focus will need to shift from viewing supply chains as cost centers to recognizing them as strategic assets.
\nManaging for risk and uncertainty by tapping digital innovation was the theme of Tuesday\u2019s (Sept. 10) \u201cSupply Chain Summit\u201d hosted by the U.S. Department of Commerce and the Council on Foreign Relations.
\nAcross over half a dozen sessions, leading voices from the private sector, government and academia came together to unpack how, within an era marked by geopolitical tensions, pandemic-induced disruptions and rapid technological advancements, the stability and resilience of supply chains have never been more critical to both national and global economies.
\nAnd throughout panels with titles like, \u201cHow the Private Sector Evaluates Supply Chain Risk,\u201d \u201cA Proactive and Strategic Approach to Supply Chain Resilience,\u201d \u201cEnsuring U.S. Competitiveness by Securing Emerging Technology Supply Chains\u201d and \u201cResponding to Disruption,\u201d experts stressed that when it comes to supply chain strength, as in anything else, data is power.
\nHaving the best supply chain requires having the most comprehensive data. By embracing redundancy, technology and collaboration, supply chains can become more resilient, agile and equipped to handle whatever challenges lie ahead, panelists said.
\nRead more: Embedded Finance and the Great Supply Chain Reset
\nSupply chain risk management is a complex balancing act for private-sector companies, involving multiple stakeholders and shifting variables. During the panel on \u201cHow the Private Sector Evaluates Supply Chain Risk,\u201d speakers emphasized the importance of mapping supply chains to gain end-to-end visibility, a task that has become more challenging with the increasing globalization and complexity of networks.
\nThe process of supplier risk assessment, traditionally focused on financial and operational criteria, is now evolving to include geopolitical risk, sustainability factors and cybersecurity threats.
\nIn response, Commerce Department Secretary Gina Raimondo announced Tuesday the department is releasing a new tool, called SCALE, which will assess supply chain risk across U.S. goods and economy.
\nJuly PYMNTS Intelligence revealed that concerns over supply chain integrity and macroeconomic conditions highlight how larger external factors also remain on CFOs\u2019 radars.
\nCybersecurity risks were another central topic, with panelists warning that as supply chains become more digitized, they are more vulnerable to cyberattacks. Companies are investing in new technologies to bolster cybersecurity throughout their supplier networks, with some leveraging blockchain to increase transparency and secure transactions.
\nSee also:\u00a0Halftime Report: 18 Payments Executives Share The Issues That Will Define The Rest of 2024
\nBuilding resilience into supply chains requires more than just reactive measures; it necessitates a proactive, long-term strategy.
\nA central theme of Tuesday\u2019s discussions was the need for strategic redundancy in supply chains, a concept where companies intentionally build backup suppliers, logistical routes and production facilities. Panelists argued that while redundancy may come with increased short-term costs, it provides essential insurance against unexpected disruptions.
\n\u201cThe integration of AI [artificial intelligence], ML [machine learning], and vast computing power, coupled with an\u00a0abundance of data, has transformed our approach to demand forecasting, inventory flow and cost optimization,\u201d\u00a0Parvez Musani,\u00a0SVP, end-to-end fulfillment,\u00a0Walmart\u00a0U.S. Omni Platforms and Tech, told PYMNTS. \u201cCustomers who can count on you during challenging times will reward you with their continued business. \u2026 Businesses must be able to adjust to disruptions quickly.\u201d
\nPredictive modeling, powered by real-time data, allows companies to anticipate risks such as transportation delays, supplier bankruptcies, or even environmental changes that could threaten supply lines. Panelists emphasized the importance of agility and real-time responsiveness. Companies that can quickly pivot in response to disruption \u2014 by rerouting shipments, finding alternative suppliers or adjusting production schedules \u2014 are better positioned to weather crises.
\nSupply chain finance was also identified as a key area where improvements are needed. Panelists pointed out that disruptions can strain liquidity for businesses, particularly smaller suppliers. Enhancing access to working capital through digital platforms, dynamic discounting and other financial tools can ensure the stability of supply chains during turbulent times.
\nAccess to capital is critical, especially for smaller players in the supply chain who may not have the same level of resilience as larger firms, and PYMNTS last month\u00a0analyzed\u00a0how businesses in the transportation, shipping\u00a0and\u00a0logistics sector are turning to technologies like embedded supply chain finance to enhance resilience, drive efficiency, and ultimately transform their operations.
\nThe post Managing Risk and Uncertainty Headline Commerce Department\u2019s Supply Chain Summit appeared first on PYMNTS.com.
\n", "content_text": "When it comes to controlling for what\u2019s controllable, supply chain resilience is top of mind.\nAfter all, against the backdrop of today\u2019s shifting and dynamic operating environment, the enterprise focus will need to shift from viewing supply chains as cost centers to recognizing them as strategic assets.\nManaging for risk and uncertainty by tapping digital innovation was the theme of Tuesday\u2019s (Sept. 10) \u201cSupply Chain Summit\u201d hosted by the U.S. Department of Commerce and the Council on Foreign Relations.\nAcross over half a dozen sessions, leading voices from the private sector, government and academia came together to unpack how, within an era marked by geopolitical tensions, pandemic-induced disruptions and rapid technological advancements, the stability and resilience of supply chains have never been more critical to both national and global economies.\nAnd throughout panels with titles like, \u201cHow the Private Sector Evaluates Supply Chain Risk,\u201d \u201cA Proactive and Strategic Approach to Supply Chain Resilience,\u201d \u201cEnsuring U.S. Competitiveness by Securing Emerging Technology Supply Chains\u201d and \u201cResponding to Disruption,\u201d experts stressed that when it comes to supply chain strength, as in anything else, data is power.\nHaving the best supply chain requires having the most comprehensive data. By embracing redundancy, technology and collaboration, supply chains can become more resilient, agile and equipped to handle whatever challenges lie ahead, panelists said.\nRead more: Embedded Finance and the Great Supply Chain Reset\nNavigating the Complexities of Modern Supply Chains\nSupply chain risk management is a complex balancing act for private-sector companies, involving multiple stakeholders and shifting variables. During the panel on \u201cHow the Private Sector Evaluates Supply Chain Risk,\u201d speakers emphasized the importance of mapping supply chains to gain end-to-end visibility, a task that has become more challenging with the increasing globalization and complexity of networks.\nThe process of supplier risk assessment, traditionally focused on financial and operational criteria, is now evolving to include geopolitical risk, sustainability factors and cybersecurity threats.\nIn response, Commerce Department Secretary Gina Raimondo announced Tuesday the department is releasing a new tool, called SCALE, which will assess supply chain risk across U.S. goods and economy.\nJuly PYMNTS Intelligence revealed that concerns over supply chain integrity and macroeconomic conditions highlight how larger external factors also remain on CFOs\u2019 radars.\nCybersecurity risks were another central topic, with panelists warning that as supply chains become more digitized, they are more vulnerable to cyberattacks. Companies are investing in new technologies to bolster cybersecurity throughout their supplier networks, with some leveraging blockchain to increase transparency and secure transactions.\nSee also:\u00a0Halftime Report: 18 Payments Executives Share The Issues That Will Define The Rest of 2024\nA Proactive, Strategic Approach to Supply Chain Resilience\nBuilding resilience into supply chains requires more than just reactive measures; it necessitates a proactive, long-term strategy.\nA central theme of Tuesday\u2019s discussions was the need for strategic redundancy in supply chains, a concept where companies intentionally build backup suppliers, logistical routes and production facilities. Panelists argued that while redundancy may come with increased short-term costs, it provides essential insurance against unexpected disruptions.\n\u201cThe integration of AI [artificial intelligence], ML [machine learning], and vast computing power, coupled with an\u00a0abundance of data, has transformed our approach to demand forecasting, inventory flow and cost optimization,\u201d\u00a0Parvez Musani,\u00a0SVP, end-to-end fulfillment,\u00a0Walmart\u00a0U.S. Omni Platforms and Tech, told PYMNTS. \u201cCustomers who can count on you during challenging times will reward you with their continued business. \u2026 Businesses must be able to adjust to disruptions quickly.\u201d\nPredictive modeling, powered by real-time data, allows companies to anticipate risks such as transportation delays, supplier bankruptcies, or even environmental changes that could threaten supply lines. Panelists emphasized the importance of agility and real-time responsiveness. Companies that can quickly pivot in response to disruption \u2014 by rerouting shipments, finding alternative suppliers or adjusting production schedules \u2014 are better positioned to weather crises.\nSupply chain finance was also identified as a key area where improvements are needed. Panelists pointed out that disruptions can strain liquidity for businesses, particularly smaller suppliers. Enhancing access to working capital through digital platforms, dynamic discounting and other financial tools can ensure the stability of supply chains during turbulent times.\nAccess to capital is critical, especially for smaller players in the supply chain who may not have the same level of resilience as larger firms, and PYMNTS last month\u00a0analyzed\u00a0how businesses in the transportation, shipping\u00a0and\u00a0logistics sector are turning to technologies like embedded supply chain finance to enhance resilience, drive efficiency, and ultimately transform their operations.\nThe post Managing Risk and Uncertainty Headline Commerce Department\u2019s Supply Chain Summit appeared first on PYMNTS.com.", "date_published": "2024-09-10T14:54:06-04:00", "date_modified": "2024-09-10T14:54:06-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2022/06/supply-chain-retail.jpg", "tags": [ "Commerce Department", "Council on Foreign Relations", "Cybersecurity", "Department of Commerce", "Gina Raimondo", "international", "News", "PYMNTS News", "risk management", "Supply Chain", "supply chain management", "Supply Chain Summit", "Technology" ] }, { "id": "https://www.pymnts.com/?p=2055729", "url": "https://www.pymnts.com/supply-chain/2024/embedded-finance-and-the-great-supply-chain-reset/", "title": "Embedded Finance and the Great Supply Chain Reset", "content_html": "The state of logistics is representative of the state of commerce.
\nAs shippers and carriers alike deal with spotty spot demand, inflation, and geopolitical tensions across key supply chain points, observers believe it\u2019s time for a reset, one driven by digital innovation.
\nAnd with the announcement Monday (Aug. 19) of Freightos\u2019\u00a0acquisition of Shipsta, a freight-tender procurement platform, it\u2019s clear that businesses in the transportation, shipping and logistics sector are turning to technology \u2014 artificial intelligence (AI), real-time data analytics, and embedded supply chain finance \u2014 to enhance resilience, drive efficiency, and ultimately transform their operations.
\nInflation, driven by a variety of factors including supply chain bottlenecks, labor shortages and energy price hikes, continues to squeeze profit margins for businesses worldwide. At the same time, demand remains unpredictable, with some regions experiencing slowdowns while others see surges in consumer spending. This uneven landscape makes it difficult for businesses to plan and execute their supply chain strategies effectively.
\nAs stressors intensify, businesses must find ways to adapt and build more resilient supply chains that allow for managing the current challenges and position businesses for long-term success.
\nRead more: Moving Faster Than Ever: Real-Time Payments in the Transportation Industry
\nAs businesses navigate the global economy, embedded supply chain finance is emerging as a powerful tool for improving financial resilience and liquidity. Embedded finance refers to the integration of financial services \u2014 such as lending, payments and insurance \u2014 into non-financial platforms or ecosystems. In the context of supply chain finance, this means providing financial solutions directly within the supply chain management process.
\nOne of the primary benefits of embedded supply chain finance is that it enables businesses to access working capital more efficiently. For example, suppliers can receive early payment for their invoices through integrated financing solutions, which are embedded within the procurement or logistics platforms they already use. This reduces the need for suppliers to rely on traditional financing methods, such as bank loans, which can be costly and time-consuming to secure.
\nEmbedded finance also facilitates more flexible payment terms, which can help improve cash flow for both buyers and suppliers. By leveraging real-time data on buyer and supplier performance, embedded finance solutions can tailor payment terms to the specific needs of each party. For instance, a supplier with a strong track record of on-time deliveries might be offered more favorable payment terms, such as shorter payment cycles or lower interest rates on financing.
\nSimilarly, embedded supply chain finance can help mitigate the financial risks associated with supply chain disruptions. For example, integrated insurance solutions can provide coverage for losses incurred due to delays, damage or other unforeseen events. This financial protection not only helps businesses recover more quickly from disruptions but also gives them greater confidence to invest in growth and innovation.
\n\u201cWe\u2019re likely to see larger firms\u00a0take up the embedded finance mantle, and smaller enterprises will follow suit,\u201d\u00a0Alan Koenigsberg, senior vice president and global head of Large & Middle Market Commercial Solutions, Working Capital and Embedded Finance at Visa, said to PYMNTS.
\nRead more:\u00a0Halftime Report: 18 Payments Executives Share The Issues That Will Define The Rest of 2024
\nAmid a sea of uncertainty, real-time data is becoming an indispensable tool for businesses to improve their supply chain performance. The ability to access and analyze data in real time enables companies to make more informed decisions and respond more quickly to changing conditions.
\nBy sharing data across the supply chain, businesses can improve communication and alignment, ensuring that all parties are working toward the same goals. This collaborative approach enhances efficiency and fosters stronger relationships with suppliers and other stakeholders, which can be a competitive advantage.
\n\u201cThe integration of AI, ML [machine learning], and vast computing power, coupled with an abundance of data, has transformed our approach to demand forecasting, inventory flow and cost optimization,\u201d Parvez Musani,\u00a0SVP, End-to-End Fulfillment,\u00a0Walmart U.S. Omni Platforms and Tech, told PYMNTS. \u201cCustomers who can count on you during challenging times will reward you with their continued business. \u2026 Businesses must be able to adjust to disruptions quickly.\u201d
\nWith the ability to monitor supplier performance in real-time, businesses can quickly identify potential issues, such as production delays or quality problems, and take corrective action before they impact the broader supply chain. This proactive approach to risk management is particularly important in today\u2019s uncertain environment, where even minor disruptions can have ripple effects.
\nFirms are also turning to AI to unlock insights from data. By analyzing data on inventory levels, lead times and demand patterns, AI algorithms can recommend optimal inventory levels that minimize the risk of stockouts while reducing carrying costs.
\nThe post Embedded Finance and the Great Supply Chain Reset appeared first on PYMNTS.com.
\n", "content_text": "The state of logistics is representative of the state of commerce.\nAs shippers and carriers alike deal with spotty spot demand, inflation, and geopolitical tensions across key supply chain points, observers believe it\u2019s time for a reset, one driven by digital innovation. \nAnd with the announcement Monday (Aug. 19) of Freightos\u2019\u00a0acquisition of Shipsta, a freight-tender procurement platform, it\u2019s clear that businesses in the transportation, shipping and logistics sector are turning to technology \u2014 artificial intelligence (AI), real-time data analytics, and embedded supply chain finance \u2014 to enhance resilience, drive efficiency, and ultimately transform their operations. \nInflation, driven by a variety of factors including supply chain bottlenecks, labor shortages and energy price hikes, continues to squeeze profit margins for businesses worldwide. At the same time, demand remains unpredictable, with some regions experiencing slowdowns while others see surges in consumer spending. This uneven landscape makes it difficult for businesses to plan and execute their supply chain strategies effectively.\nAs stressors intensify, businesses must find ways to adapt and build more resilient supply chains that allow for managing the current challenges and position businesses for long-term success.\nRead more: Moving Faster Than Ever: Real-Time Payments in the Transportation Industry\nTransforming Supply Chain Management\nAs businesses navigate the global economy, embedded supply chain finance is emerging as a powerful tool for improving financial resilience and liquidity. Embedded finance refers to the integration of financial services \u2014 such as lending, payments and insurance \u2014 into non-financial platforms or ecosystems. In the context of supply chain finance, this means providing financial solutions directly within the supply chain management process.\nOne of the primary benefits of embedded supply chain finance is that it enables businesses to access working capital more efficiently. For example, suppliers can receive early payment for their invoices through integrated financing solutions, which are embedded within the procurement or logistics platforms they already use. This reduces the need for suppliers to rely on traditional financing methods, such as bank loans, which can be costly and time-consuming to secure.\nEmbedded finance also facilitates more flexible payment terms, which can help improve cash flow for both buyers and suppliers. By leveraging real-time data on buyer and supplier performance, embedded finance solutions can tailor payment terms to the specific needs of each party. For instance, a supplier with a strong track record of on-time deliveries might be offered more favorable payment terms, such as shorter payment cycles or lower interest rates on financing.\nSimilarly, embedded supply chain finance can help mitigate the financial risks associated with supply chain disruptions. For example, integrated insurance solutions can provide coverage for losses incurred due to delays, damage or other unforeseen events. This financial protection not only helps businesses recover more quickly from disruptions but also gives them greater confidence to invest in growth and innovation.\n\u201cWe\u2019re likely to see larger firms\u00a0take up the embedded finance mantle, and smaller enterprises will follow suit,\u201d\u00a0Alan Koenigsberg, senior vice president and global head of Large & Middle Market Commercial Solutions, Working Capital and Embedded Finance at Visa, said to PYMNTS.\nRead more:\u00a0Halftime Report: 18 Payments Executives Share The Issues That Will Define The Rest of 2024\nFuture of Global Commerce\nAmid a sea of uncertainty, real-time data is becoming an indispensable tool for businesses to improve their supply chain performance. The ability to access and analyze data in real time enables companies to make more informed decisions and respond more quickly to changing conditions.\nBy sharing data across the supply chain, businesses can improve communication and alignment, ensuring that all parties are working toward the same goals. This collaborative approach enhances efficiency and fosters stronger relationships with suppliers and other stakeholders, which can be a competitive advantage.\n\u201cThe integration of AI, ML [machine learning], and vast computing power, coupled with an abundance of data, has transformed our approach to demand forecasting, inventory flow and cost optimization,\u201d Parvez Musani,\u00a0SVP, End-to-End Fulfillment,\u00a0Walmart U.S. Omni Platforms and Tech, told PYMNTS. \u201cCustomers who can count on you during challenging times will reward you with their continued business. \u2026 Businesses must be able to adjust to disruptions quickly.\u201d\nWith the ability to monitor supplier performance in real-time, businesses can quickly identify potential issues, such as production delays or quality problems, and take corrective action before they impact the broader supply chain. This proactive approach to risk management is particularly important in today\u2019s uncertain environment, where even minor disruptions can have ripple effects.\nFirms are also turning to AI to unlock insights from data. By analyzing data on inventory levels, lead times and demand patterns, AI algorithms can recommend optimal inventory levels that minimize the risk of stockouts while reducing carrying costs.\nThe post Embedded Finance and the Great Supply Chain Reset appeared first on PYMNTS.com.", "date_published": "2024-08-20T17:07:41-04:00", "date_modified": "2024-08-20T17:07:41-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/supply-chain-embedded-finance.jpg", "tags": [ "AI", "Alan Koenigsberg", "artificial intelligence", "B2B", "B2B Payments", "commercial payments", "data analytics", "embedded finance", "Freightos", "logistics", "News", "Parvez Musani", "PYMNTS News", "Shipping", "Shipsta", "Supply Chain", "Visa", "walmart" ] }, { "id": "https://www.pymnts.com/?p=2051775", "url": "https://www.pymnts.com/supply-chain/2024/oracle-adds-pricing-rules-to-supply-chain-management-platform/", "title": "Oracle Adds Pricing Rules to Supply Chain Management Platform", "content_html": "Oracle has added new user experience (UX) enhancements such as pricing rules for order management to the Oracle Fusion Cloud Supply Chain & Manufacturing (SCM).
\nThese upgrades are built with the consumer-grade Oracle Redwood Design System and are designed to benefit procurement professionals, logistics managers, field service technicians and product managers, the company said in a Tuesday (Aug. 13) press release.
\n\u201cWith the latest Redwood user experience updates, Oracle Cloud SCM customers can increase the speed and accuracy of operations, reduce costs and improve overall efficiency,\u201d Chris Leone, executive vice president, applications development at Oracle, said in the release.
\nOne of the new enhancements to the platform is pricing rules for order management, which helps organizations automate discounts and increase the efficiency of sales promotions, according to the release.
\nAnother enhancement is field parts inventory for maintenance, which helps service technicians manage parts inventory, reservations, transfers and returns while working in the field, the release said.
\nThe platform also now includes a structures view for product management, which helps product managers analyze and validate bill of materials and component item information, and a guided task for mass component replacement, which helps organizations improve user efficiency and reduce potential errors when performing a mass replacement of a component on one or more item structures, per the release.
\n\u201cSupply chain professionals are under pressure to move with speed and accuracy as they navigate numerous challenges in every step of the supply chain,\u201d Leone said in the release. \u201cIn this high-stakes environment, a poor user experience can add to frustration, cause further delays and add costs.\u201d
\nRetail and manufacturing companies are investing in digital technology to improve procurement operations and limit business disruptions caused by potential future supply chain breakdowns, according to \u201cDigital Payments: Modernizing Procurement Processes,\u201d a PYMNTS Intelligence and Corcentric collaboration.
\nThe report found that 31% of retailers and 42% of manufacturers are already investing in upgrades to procurement technology, and that another 53% of retailers and 44% of manufacturers plan to do so.
\nIn another recent upgrade, Oracle said in March that it added new generative artificial intelligence (AI) capabilities to its Fusion Cloud Applications Suite, embedding them in existing business workflows across finance, supply chain, human resources, sales, marketing and service.
\nFor all PYMNTS B2B coverage, subscribe to the daily\u00a0B2B Newsletter.
\nThe post Oracle Adds Pricing Rules to Supply Chain Management Platform appeared first on PYMNTS.com.
\n", "content_text": "Oracle has added new user experience (UX) enhancements such as pricing rules for order management to the Oracle Fusion Cloud Supply Chain & Manufacturing (SCM).\nThese upgrades are built with the consumer-grade Oracle Redwood Design System and are designed to benefit procurement professionals, logistics managers, field service technicians and product managers, the company said in a Tuesday (Aug. 13) press release.\n\u201cWith the latest Redwood user experience updates, Oracle Cloud SCM customers can increase the speed and accuracy of operations, reduce costs and improve overall efficiency,\u201d Chris Leone, executive vice president, applications development at Oracle, said in the release.\nOne of the new enhancements to the platform is pricing rules for order management, which helps organizations automate discounts and increase the efficiency of sales promotions, according to the release.\nAnother enhancement is field parts inventory for maintenance, which helps service technicians manage parts inventory, reservations, transfers and returns while working in the field, the release said.\nThe platform also now includes a structures view for product management, which helps product managers analyze and validate bill of materials and component item information, and a guided task for mass component replacement, which helps organizations improve user efficiency and reduce potential errors when performing a mass replacement of a component on one or more item structures, per the release.\n\u201cSupply chain professionals are under pressure to move with speed and accuracy as they navigate numerous challenges in every step of the supply chain,\u201d Leone said in the release. \u201cIn this high-stakes environment, a poor user experience can add to frustration, cause further delays and add costs.\u201d\nRetail and manufacturing companies are investing in digital technology to improve procurement operations and limit business disruptions caused by potential future supply chain breakdowns, according to \u201cDigital Payments: Modernizing Procurement Processes,\u201d a PYMNTS Intelligence and Corcentric collaboration.\nThe report found that 31% of retailers and 42% of manufacturers are already investing in upgrades to procurement technology, and that another 53% of retailers and 44% of manufacturers plan to do so.\nIn another recent upgrade, Oracle said in March that it added new generative artificial intelligence (AI) capabilities to its Fusion Cloud Applications Suite, embedding them in existing business workflows across finance, supply chain, human resources, sales, marketing and service.\nFor all PYMNTS B2B coverage, subscribe to the daily\u00a0B2B Newsletter.\nThe post Oracle Adds Pricing Rules to Supply Chain Management Platform appeared first on PYMNTS.com.", "date_published": "2024-08-13T13:27:11-04:00", "date_modified": "2024-08-13T22:09:29-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/05/Oracle-1.jpg", "tags": [ "B2B", "B2B Payments", "commercial payments", "inventory management", "News", "oracle", "procurement", "PYMNTS News", "supply chain management", "What's Hot", "What's Hot In B2B", "Supply Chain" ] }, { "id": "https://www.pymnts.com/?p=2023344", "url": "https://www.pymnts.com/supply-chain/2024/citi-and-ifc-partner-on-sustainable-supply-chain-finance-program/", "title": "Citi and IFC Partner on Sustainable Supply Chain Finance Program", "content_html": "Citi and International Finance Corp. (IFC), a global development institution that is a member of the World Bank Group, have partnered on a $2 billion sustainable supply chain finance program focused on emerging markets.
\nThe first project under the umbrella of this agreement is a $500 million facility in Mexico, the companies said in a Monday (Aug. 5) press release.
\nThis project is the largest to date under IFC\u2019s Global Supply Chain Finance (GSCF) program, which was launched in 2022 to help address supply chain finance gaps for small and medium-sized businesses (SMBs) and to expand access to sustainable supply chain finance, according to the release.
\n\u201cThe role of trade and supply chain finance in facilitating the goods and services essential for sustainability is paramount, and this program will enable suppliers in Mexico, some of whom may not traditionally be considered bankable, to receive such financing,\u201d Nathalie Louat, global director of trade and supply chain finance at IFC, said in the release.
\nIFC has been working in Mexico to develop local credit infrastructure, including eInvoice financing, to introduce new reverse factoring and other asset-based financing products, and to strengthen the legal foundation of supply chain finance markets, per the release.
\nThe institution hopes that the new program will support the continued growth of financing provided by Citi and other market participants, according to the release.
\n\u201cIt is our great pleasure to strengthen our collaboration with IFC in the area of sustainable supply chain finance,\u201d Murat Demirel, head of financial resources and risk management, trade and working capital solutions at Citi, said in the release. \u201cMexico is a great start to launch this joint initiative, and Citi is looking forward to expanding this initiative into other emerging and frontier markets.\u201d
\nCiti and IFC teamed up more than a decade ago and created IFC\u2019s Global Trade Liquidity Program (GTLP) that debuted in 2009 and connects business to trade finance, PYMNTS reported in July 2020.
\nDuring the pandemic, the two organizations joined forces with an additional $800 million fund aimed at connecting SMBs in emerging markets to trade financing.
\nEbru Pakcan, who was global head of trade business at Citi at the time and is now CEO, Middle East and Africa Cluster at the bank, told PYMNTS CEO Karen Webster in July 2020: \u201cWe\u2019re living in a world where operational resilience is very important.\u201d
\nThe post Citi and IFC Partner on Sustainable Supply Chain Finance Program appeared first on PYMNTS.com.
\n", "content_text": "Citi and International Finance Corp. (IFC), a global development institution that is a member of the World Bank Group, have partnered on a $2 billion sustainable supply chain finance program focused on emerging markets.\nThe first project under the umbrella of this agreement is a $500 million facility in Mexico, the companies said in a Monday (Aug. 5) press release.\nThis project is the largest to date under IFC\u2019s Global Supply Chain Finance (GSCF) program, which was launched in 2022 to help address supply chain finance gaps for small and medium-sized businesses (SMBs) and to expand access to sustainable supply chain finance, according to the release.\n\u201cThe role of trade and supply chain finance in facilitating the goods and services essential for sustainability is paramount, and this program will enable suppliers in Mexico, some of whom may not traditionally be considered bankable, to receive such financing,\u201d Nathalie Louat, global director of trade and supply chain finance at IFC, said in the release.\nIFC has been working in Mexico to develop local credit infrastructure, including eInvoice financing, to introduce new reverse factoring and other asset-based financing products, and to strengthen the legal foundation of supply chain finance markets, per the release.\nThe institution hopes that the new program will support the continued growth of financing provided by Citi and other market participants, according to the release.\n\u201cIt is our great pleasure to strengthen our collaboration with IFC in the area of sustainable supply chain finance,\u201d Murat Demirel, head of financial resources and risk management, trade and working capital solutions at Citi, said in the release. \u201cMexico is a great start to launch this joint initiative, and Citi is looking forward to expanding this initiative into other emerging and frontier markets.\u201d\nCiti and IFC teamed up more than a decade ago and created IFC\u2019s Global Trade Liquidity Program (GTLP) that debuted in 2009 and connects business to trade finance, PYMNTS reported in July 2020.\nDuring the pandemic, the two organizations joined forces with an additional $800 million fund aimed at connecting SMBs in emerging markets to trade financing.\nEbru Pakcan, who was global head of trade business at Citi at the time and is now CEO, Middle East and Africa Cluster at the bank, told PYMNTS CEO Karen Webster in July 2020: \u201cWe\u2019re living in a world where operational resilience is very important.\u201d\nThe post Citi and IFC Partner on Sustainable Supply Chain Finance Program appeared first on PYMNTS.com.", "date_published": "2024-08-06T15:40:33-04:00", "date_modified": "2024-08-06T15:40:33-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/Citi-IFC-supply-chain.jpg", "tags": [ "B2B", "B2B Payments", "Citi", "commercial payments", "Global Supply Chain Finance", "IFC", "International Finance Corp.", "Murat Demirel", "Nathalie Louat", "News", "partnerships", "PYMNTS News", "small business", "SMBs", "Supply Chain", "supply chain finance", "Trade finance", "What's Hot", "What's Hot In B2B", "working capital" ] }, { "id": "https://www.pymnts.com/?p=1971171", "url": "https://www.pymnts.com/supply-chain/2024/supply-chain-finance-programs-under-pressure-amid-higher-interest-rates/", "title": "Interest Rates Prompt Major Firms to Scale Back Supply-Chain Finance Programs", "content_html": "In response to higher interest rates, several major companies have reportedly made\u00a0the decision to reduce the size of their supply-chain finance programs.
\nThis financing option, which allows companies to extend payment terms with vendors, gained popularity as it enables buyers to retain cash for longer periods while allowing companies to avoid debt on their balance sheets, the Wall Street Journal (WSJ)\u00a0reported Wednesday (July 3).
\nAT&T, for instance, has been paying down its program as interest rates have climbed since the\u00a0Federal Reserve\u00a0initiated rate hikes two years ago. The telecom giant views this strategic move as a prudent decision to minimize financing costs, according to the report.
\nSimilarly,\u00a0Keurig Dr Pepper is currently renegotiating terms with vendors to counteract the impact of higher interest rates, the report said.
\nDuring the pandemic,\u00a0supply-chain financing played a crucial role in helping companies maintain liquidity amid disruptions in manufacturing and logistics, per the report. These programs typically involve a third party, such as a bank, paying vendors before the scheduled due date, with the buyer reimbursing the bank at a later date. However, as interest rates have risen, vendors have seen larger discounts on their payments.
\nDespite the cutbacks by some large corporations, many companies still find supply-chain finance programs advantageous in a high-rate environment, according to the report. These programs offer buyers a means to bolster cash reserves without resorting to debt or loans, while vendors benefit from receiving payments more promptly.
\nNonetheless,\u00a0supply-chain financing has faced scrutiny due to its involvement in the collapse of investment firm Greensill Capital in 2021, the report said. Concerns have been raised regarding the potential volatility it introduces to a company\u2019s cash flow and the associated liquidity risks.
\nIn response to these concerns, the\u00a0Financial Accounting Standards Board implemented rules mandating companies to disclose information about their supply-chain finance programs, including their size, per the report.
\nFor all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.
\nThe post Interest Rates Prompt Major Firms to Scale Back Supply-Chain Finance Programs appeared first on PYMNTS.com.
\n", "content_text": "In response to higher interest rates, several major companies have reportedly made\u00a0the decision to reduce the size of their supply-chain finance programs.\nThis financing option, which allows companies to extend payment terms with vendors, gained popularity as it enables buyers to retain cash for longer periods while allowing companies to avoid debt on their balance sheets, the Wall Street Journal (WSJ)\u00a0reported Wednesday (July 3).\nAT&T, for instance, has been paying down its program as interest rates have climbed since the\u00a0Federal Reserve\u00a0initiated rate hikes two years ago. The telecom giant views this strategic move as a prudent decision to minimize financing costs, according to the report.\nSimilarly,\u00a0Keurig Dr Pepper is currently renegotiating terms with vendors to counteract the impact of higher interest rates, the report said.\nDuring the pandemic,\u00a0supply-chain financing played a crucial role in helping companies maintain liquidity amid disruptions in manufacturing and logistics, per the report. These programs typically involve a third party, such as a bank, paying vendors before the scheduled due date, with the buyer reimbursing the bank at a later date. However, as interest rates have risen, vendors have seen larger discounts on their payments.\nDespite the cutbacks by some large corporations, many companies still find supply-chain finance programs advantageous in a high-rate environment, according to the report. These programs offer buyers a means to bolster cash reserves without resorting to debt or loans, while vendors benefit from receiving payments more promptly.\nNonetheless,\u00a0supply-chain financing has faced scrutiny due to its involvement in the collapse of investment firm Greensill Capital in 2021, the report said. Concerns have been raised regarding the potential volatility it introduces to a company\u2019s cash flow and the associated liquidity risks.\nIn response to these concerns, the\u00a0Financial Accounting Standards Board implemented rules mandating companies to disclose information about their supply-chain finance programs, including their size, per the report.\nFor all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.\nThe post Interest Rates Prompt Major Firms to Scale Back Supply-Chain Finance Programs appeared first on PYMNTS.com.", "date_published": "2024-07-03T15:48:31-04:00", "date_modified": "2024-07-03T18:21:16-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/supply-chain-financing.jpg", "tags": [ "B2B", "B2B Payments", "commercial payments", "News", "PYMNTS News", "Supply Chain", "supply chain financing", "What's Hot", "What's Hot In B2B" ] }, { "id": "https://www.pymnts.com/?p=1970213", "url": "https://www.pymnts.com/supply-chain/2024/walmart-ai-helps-create-ready-for-anything-supply-chains/", "title": "Walmart: AI Helps Create \u2018Ready for Anything\u2019 Supply Chains", "content_html": "What gets measured ultimately gets improved.
\nAnd when it comes to supply chain management, that old adage couldn\u2019t be truer.
\nFortunately for businesses, despite ongoing supply chain disruptions and operational uncertainties, there have never been more opportunities to move goods from point A to point B in the most efficient, effective, expedited and secure way possible.
\nIn era marked by rapid technological advancements and unprecedented innovations, the supply chain landscape has undergone a significant transformation as a result of the interplay between solutions built leveraging artificial intelligence (AI), machine learning (ML) and large advances in the accessibility and cost of computing power.
\n\u201cThe culmination of those three things have revolutionized how we look at supply chain processes, all the way from demand forecasting to understanding at a granular level what customer needs are,\u201d Parvez Musani,\u00a0SVP, End-to-End Fulfillment, Walmart U.S. Omni Platforms and Tech, told PYMNTS.
\n\u201cThe integration of AI, ML, and vast computing power, coupled with an abundance of data, has transformed our approach to demand forecasting, inventory flow, and cost optimization,\u201d Musani said.
\nStill, despite these technological advancements, certain elements of the supply chain have remained constant and immutable.
\n\u201cWhat has remained consistent is the importance of agility and safety\u2026and customers\u2019 demands haven\u2019t changed, either. They want things when they want them, where they want them, and how they want them,\u201d added Musani.
\nAnd despite the proclivity for unexpected events and disruptions to throw a wrench into supply chain planning, it ultimately remains up to businesses to deliver against their customer base\u2019s growing expectations around convenience \u2014 or see those customers switch to the competition.
\nThe integration of data from various sources, including IoT devices, customer interactions, weather patterns, social media trends and macroeconomic conditions, has revolutionized contemporary supply chain management by enabling firms to enhance inventory accuracy, reduce operational expenses, and accelerate network speed, ultimately improving the shopping experience for customers.
\n\u201cThe advent of smartphones has provided us with real-time data that enhances our visibility and allows us to react proactively,\u201d Musani said, noting that this data integration is crucial for maintaining agility and meeting customer needs effectively.
\nHe added that he envisions the ideal supply chain as highly integrated and data-driven, where \u201call the decision making is automated,\u201d with resilience and reliability at its core.
\nToday, this vision translates into a seamless flow of information across the supply chain, built atop real-time visibility, and AI-driven decision-making. \u201cWe leverage AI to simulate potential disruptions and prepare proactive responses,\u201d Musani said.
\nThis proactive approach ensures that Walmart is well-prepared to handle disruptions, from natural disasters to sudden shifts in customer behavior, and Musani emphasized the importance of flexibility and nimbleness in supply chain operations when it comes to consistently delivering on promises made to customers.
\n\u201cCustomers who can count on you during challenging times will reward you with their continued business \u2026 Businesses must be able to adjust to disruptions quickly,\u201d he said. \u201cHaving relief points in the supply chain, such as standing up new nodes or direct-to-customer inventory flows, can help manage surges in demand.\u201d
\nAnd as AI and automation become integral to supply chain operations, the nature of the supply chain function itself is evolving.
\n\u201cJobs are becoming more fulfilling and high-skilled,\u201d Musani said. \u201cAutomation is eliminating mundane tasks, allowing associates to focus on more impactful work.\u201d
\nThis shift not only enhances job satisfaction but also transforms roles into meaningful careers.
\nWalmart\u2019s Emergency Operations Control, which includes representatives from every part of the organization, plays a vital role in disseminating information and coordinating responses. \u201cBy sharing live information and implementing actions based on our AI-driven simulations, we can effectively manage supply chain risks,\u201d Musani said.
\nLooking ahead, Musani\u2019s key takeaway for supply chain leaders is clear: embrace technology. \u201cAI and ML are transforming supply chains into tech-powered ecosystems,\u201d he said. \u201cAutomate decision-making, stay ahead of disruptions, and invest in a reliable, reconfigurable supply chain.\u201d
\nAs he put it, \u201cThe best times are yet to come for supply chain innovation.\u201d
\nThe post Walmart: AI Helps Create \u2018Ready for Anything\u2019 Supply Chains appeared first on PYMNTS.com.
\n", "content_text": "What gets measured ultimately gets improved.\nAnd when it comes to supply chain management, that old adage couldn\u2019t be truer.\nFortunately for businesses, despite ongoing supply chain disruptions and operational uncertainties, there have never been more opportunities to move goods from point A to point B in the most efficient, effective, expedited and secure way possible.\nIn era marked by rapid technological advancements and unprecedented innovations, the supply chain landscape has undergone a significant transformation as a result of the interplay between solutions built leveraging artificial intelligence (AI), machine learning (ML) and large advances in the accessibility and cost of computing power.\n\u201cThe culmination of those three things have revolutionized how we look at supply chain processes, all the way from demand forecasting to understanding at a granular level what customer needs are,\u201d Parvez Musani,\u00a0SVP, End-to-End Fulfillment, Walmart U.S. Omni Platforms and Tech, told PYMNTS.\n\u201cThe integration of AI, ML, and vast computing power, coupled with an abundance of data, has transformed our approach to demand forecasting, inventory flow, and cost optimization,\u201d Musani said.\nStill, despite these technological advancements, certain elements of the supply chain have remained constant and immutable.\n\u201cWhat has remained consistent is the importance of agility and safety\u2026and customers\u2019 demands haven\u2019t changed, either. They want things when they want them, where they want them, and how they want them,\u201d added Musani.\nAnd despite the proclivity for unexpected events and disruptions to throw a wrench into supply chain planning, it ultimately remains up to businesses to deliver against their customer base\u2019s growing expectations around convenience \u2014 or see those customers switch to the competition.\nNavigating the Evolution of the Modern Supply Chain\nThe integration of data from various sources, including IoT devices, customer interactions, weather patterns, social media trends and macroeconomic conditions, has revolutionized contemporary supply chain management by enabling firms to enhance inventory accuracy, reduce operational expenses, and accelerate network speed, ultimately improving the shopping experience for customers.\n\u201cThe advent of smartphones has provided us with real-time data that enhances our visibility and allows us to react proactively,\u201d Musani said, noting that this data integration is crucial for maintaining agility and meeting customer needs effectively.\nHe added that he envisions the ideal supply chain as highly integrated and data-driven, where \u201call the decision making is automated,\u201d with resilience and reliability at its core.\nToday, this vision translates into a seamless flow of information across the supply chain, built atop real-time visibility, and AI-driven decision-making. \u201cWe leverage AI to simulate potential disruptions and prepare proactive responses,\u201d Musani said.\nThis proactive approach ensures that Walmart is well-prepared to handle disruptions, from natural disasters to sudden shifts in customer behavior, and Musani emphasized the importance of flexibility and nimbleness in supply chain operations when it comes to consistently delivering on promises made to customers.\n\u201cCustomers who can count on you during challenging times will reward you with their continued business \u2026 Businesses must be able to adjust to disruptions quickly,\u201d he said. \u201cHaving relief points in the supply chain, such as standing up new nodes or direct-to-customer inventory flows, can help manage surges in demand.\u201d\nEmbracing Technology for Supply Chain Resiliency\nAnd as AI and automation become integral to supply chain operations, the nature of the supply chain function itself is evolving.\n\u201cJobs are becoming more fulfilling and high-skilled,\u201d Musani said. \u201cAutomation is eliminating mundane tasks, allowing associates to focus on more impactful work.\u201d\nThis shift not only enhances job satisfaction but also transforms roles into meaningful careers.\nWalmart\u2019s Emergency Operations Control, which includes representatives from every part of the organization, plays a vital role in disseminating information and coordinating responses. \u201cBy sharing live information and implementing actions based on our AI-driven simulations, we can effectively manage supply chain risks,\u201d Musani said.\nLooking ahead, Musani\u2019s key takeaway for supply chain leaders is clear: embrace technology. \u201cAI and ML are transforming supply chains into tech-powered ecosystems,\u201d he said. \u201cAutomate decision-making, stay ahead of disruptions, and invest in a reliable, reconfigurable supply chain.\u201d\nAs he put it, \u201cThe best times are yet to come for supply chain innovation.\u201d\nThe post Walmart: AI Helps Create \u2018Ready for Anything\u2019 Supply Chains appeared first on PYMNTS.com.", "date_published": "2024-07-03T04:02:20-04:00", "date_modified": "2024-07-02T22:57:59-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/Walmart-Customer-Shopping-Eggs-TV-overlay.jpg", "tags": [ "AI", "artificial intelligence", "automation", "B2B", "B2B Payments", "commercial payments", "Featured News", "machine learning", "News", "Parvez Musani", "PYMNTS News", "pymnts tv", "Retail", "Supply Chain", "supply chain management", "Technology", "walmart" ] }, { "id": "https://www.pymnts.com/?p=1956130", "url": "https://www.pymnts.com/supply-chain/2024/bamboo-rose-introduces-supplier-relationship-management-capabilities/", "title": "Bamboo Rose Introduces Supplier Relationship Management Capabilities", "content_html": "Bamboo Rose has added supplier relationship management (SRM) capabilities to its retail management platform.
\nThe new SRM capabilities joins the product lifecycle management (PLM) and supply chain solutions already offered by Bamboo Rose, the company said in a Thursday (June 6) press release.
\n\u201cWe hear time and again from our 200-plus retailer customers that they can never be better than their worst performing suppliers,\u201d Matt Stevens, CEO at Bamboo Rose, said in the release. \u201cWe also hear from our base of over 35,000 suppliers that they struggle to remain current with their retailer partners\u2019 changing requirements or to clearly understand how well they\u2019re performing against them.\u201d
\nBamboo\u2019s Rose\u2019s new SRM capabilities are designed to solve these challenges by providing a more streamlined and collaborative workflow and interface for retailers\u2019 management of their supplier interactions and data, according to the release.
\nThese capabilities also help retailers solve issues around data transparency and integrity, collaboration and onboarding processes, the release said.
\nThe SRM provides near real-time dashboards and reports that enable true collaboration, tools to track communications, a knowledge base for suppliers, and proactive engagement tools that help maintain accurate compliance records, per the release.
\n\u201cOur platform lives at the epicenter of this business-critical collaboration which in turn enables the tightly integrated next-level SRM to empower both retailers and suppliers to stay in lockstep with each other to deliver better operational results across the board,\u201d Stevens said in the release.
\nBamboo Rose saw during the supply chain troubles that started with the pandemic that buyers and suppliers alike learned that what matters during supply chain troubles is partnerships, PYMNTS reported in December 2021.
\nWhen participants share information and fulfill commitments, everyone prospers. Conversely, buyers won\u2019tsoon forget a supplier that unilaterally cancels its contracts.
\nPYMNTS Intelligence has found that businesses across the board have upped their investments in technologies to support their procurement processes. In addition, many businesses that have been slow to invest now plan to increase their spending on these solutions.
\nThese businesses expect their investments to pay off by ensuring that these systems improve the efficiency of their processes for purchasing goods and services during both normal business conditions and disruptions, according to \u201cDigital Payments: Modernizing Procurement Processes,\u201d a PYMNTS Intelligence and Corcentric collaboration.
\nThe post Bamboo Rose Introduces Supplier Relationship Management Capabilities appeared first on PYMNTS.com.
\n", "content_text": "Bamboo Rose has added supplier relationship management (SRM) capabilities to its retail management platform.\nThe new SRM capabilities joins the product lifecycle management (PLM) and supply chain solutions already offered by Bamboo Rose, the company said in a Thursday (June 6) press release.\n\u201cWe hear time and again from our 200-plus retailer customers that they can never be better than their worst performing suppliers,\u201d Matt Stevens, CEO at Bamboo Rose, said in the release. \u201cWe also hear from our base of over 35,000 suppliers that they struggle to remain current with their retailer partners\u2019 changing requirements or to clearly understand how well they\u2019re performing against them.\u201d\nBamboo\u2019s Rose\u2019s new SRM capabilities are designed to solve these challenges by providing a more streamlined and collaborative workflow and interface for retailers\u2019 management of their supplier interactions and data, according to the release.\nThese capabilities also help retailers solve issues around data transparency and integrity, collaboration and onboarding processes, the release said.\nThe SRM provides near real-time dashboards and reports that enable true collaboration, tools to track communications, a knowledge base for suppliers, and proactive engagement tools that help maintain accurate compliance records, per the release.\n\u201cOur platform lives at the epicenter of this business-critical collaboration which in turn enables the tightly integrated next-level SRM to empower both retailers and suppliers to stay in lockstep with each other to deliver better operational results across the board,\u201d Stevens said in the release.\nBamboo Rose saw during the supply chain troubles that started with the pandemic that buyers and suppliers alike learned that what matters during supply chain troubles is partnerships, PYMNTS reported in December 2021.\nWhen participants share information and fulfill commitments, everyone prospers. Conversely, buyers won\u2019tsoon forget a supplier that unilaterally cancels its contracts.\nPYMNTS Intelligence has found that businesses across the board have upped their investments in technologies to support their procurement processes. In addition, many businesses that have been slow to invest now plan to increase their spending on these solutions.\nThese businesses expect their investments to pay off by ensuring that these systems improve the efficiency of their processes for purchasing goods and services during both normal business conditions and disruptions, according to \u201cDigital Payments: Modernizing Procurement Processes,\u201d a PYMNTS Intelligence and Corcentric collaboration.\nThe post Bamboo Rose Introduces Supplier Relationship Management Capabilities appeared first on PYMNTS.com.", "date_published": "2024-06-06T14:06:30-04:00", "date_modified": "2024-06-06T21:28:29-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/06/Bamboo-Rose-supplier-relationship.png", "tags": [ "B2B", "B2B Payments", "Bamboo Rose", "commercial payments", "News", "procurement", "PYMNTS News", "Retail", "retail management", "SRM", "supplier relationship management", "Supply Chain", "supply chain management", "What's Hot", "What's Hot In B2B" ] } ] }