A lack of collaboration between companies and their suppliers is costing $30 billion a year.
In a market survey, only a third of large firms in the utilities, manufacturing, mining, construction, engineering and oil and gas sectors said they work collaboratively with other similar businesses to carry out due diligence on suppliers.
This is despite 88% of these companies – located across the UK, U.S., Spain, Brazil and The Nordics – saying that the domestic and international ‘arms’ of their organizations require the same standards from suppliers in terms of health and safety, environment, quality, sustainability and ethics. In fact, many businesses rely on the same suppliers.
Read more on supply chain bureaucracy at Material Handling & Logistics.