With new regulations and policies such as the Modern Slavery Act 2015 (Read more from CIPS here) and the Living Wage Policy 2016, companies have been forced to have a greater understanding of how their suppliers operate.
Market Dojo predicts that the larger companies will carve the way in obtaining and maintaining this information. The smaller companies will hopefully follow suit. So what does the procurement team need to do to stay on top? How will companies be adapting?
We found that to enable increased supplier compliance, supplier onboarding tools need to become more adoptable and easier to use.
We can already see companies starting to implement this:
Apple released their 2016 supplier responsibility progress report. Most interestingly, they stated that nearly 140 of the audits last year were for the first-time, showing their transition to becoming a more responsible company in relation to their supply chain.
But where does this end? Where does it stop when it comes to compliance with these new regulations?
What measures are your company taking with the impending regulations coming into place. We would love to hear your opinions, please comment below or contact us directly.
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