We frequently discuss what governments and industries are doing to improve the supply chain's label tracking and traceability. While it's important that businesses adhere to these mandates and regulations to keep up with others, being innovative and setting a high standard of label compliance will inevitably draw more client partnerships. With that, other businesses are left with no option but to keep up with their pace.
A few weeks ago, we talked about how Apple Inc. was able to set a new precedent for manufacturers that use supplies that are produced in foreign countries. Rather than simply sweep allegations of improper labor practices under the rug, Apple not only annually releases a list of their suppliers, the company also inspects and reprimands any facilities that are violating its own set of standards for fair labor. Because of this, other industry leaders have been following similar full-disclosure initiatives.
While your company probably isn't a conglomerate the size of Apple, you can similarly transcend the way the supply chain in your own industry is run by improving the productivity in your operation.
With new labeling technologies like QR barcodes, RFID labels and digital barcode scanners, suppliers and manufacturers have more innovative options at their disposal than ever before.
In order to implement new technology and effectively improve productivity with it, businesses need to be sure that their employees are well trained to use the equipment well. Donna Wells, CEO of Mindflash.com, an online training platform, wrote in an article for Inc.com that 20 percent of a business's annual revenue should come directly from employees utilizing skills they've learned in the past two years and putting them into action.
With that in mind, it's important that when business leaders plan their budget, they invest in enough technology and training that they believe can bring back 20 percent of their projected revenue. If used properly, this strategy can bring in a progressively increasing return on investment.