The retail landscape has changed dramatically over the last decade with technology and software playing an even greater role in our industry.
Not only are consumers taking advantage of this development through online stores, in-store kiosks and transactional iPads, procurement and supply chain professionals are using technology to improve their internal processes too.
One part of the internal process that is getting more attention as a result is supply chain compliance. Despite some retail professionals still relying on spreadsheets to monitor supplier information, the majority have embraced new technology to take away the burden of compliance.
Whether you’re operating off a spreadsheet or a new compliance software, procurement and supply chain professionals can always do more to ensure a more transparent, efficient and safer internal process. Using the points below, find out how you can improve your retail supply chain compliance in one working week.
This supply chain compliance framework was created by Altius to give supply chain professionals the template required to align internal processes and ensure maximum supplier compliance.
Judging the capability of your suppliers gives your business a clear indication of their skills and experience to proceed with their products or services. To alleviate red faces internally and potential problems with the work they’ve done, you should be assessing the capability of the supplier right from the very start.
This includes questioning them on their ability, their qualifications and also on the previous work they’ve done. This information gathering will help you verify their claims, making it easier for you to authorise them for use throughout your business. Are you currently doing this effectively?
The job of managing compliance extends well beyond the basics of information and evidence gathering for authorisation to work. Ongoing management of suppliers is required to ensure that contractual compliance is adhered to.
For new and existing suppliers, you should be giving them the relevant policy, rules and specifications to help them adhere to the rules. Your job at this stage is to monitor that they are doing this correctly. Has every one in your supply chain signed and understood all of your documents?
To ensure that your supplier abides by your contractual agreements and meet their targets, you need to have a system in place so that you can monitor their progress.
This can be in the form of an audit which will assist in identifying areas for improvement; it can also assess the performance of your suppliers, which is crucial to maintaining high standards. Have you set KPIs for your existing suppliers in the past and audited them against their results?
The importance of compliance, particularly in the consumer-facing retail industry, is paramount. By using these nine points above to question your internal process, you will effectively review and begin to improve your retail supply chain compliance as soon as possible.
Want to know more about how new retail trends will impact on you? Download our guide Retail 2020: A future insight of trends that will affect facility and property management and discover how retail trends will change the way you do supply chain compliance in three years’ time.