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GS1 Industry Leaders Bring Greater Transparency
GS1 US, a member of GS1, is an information standards organization that brings industry communities together to solve supply-chain problems through the adoption and implementation of GS1 Standards. More than 300,000 businesses in 25 industries rely on GS1 US for trading-partner collaboration and for maximizing the cost effectiveness, speed, visibility, security, and sustainability of their business processes. They achieve these benefits through solutions based on GS1 global unique numbering and identification systems, barcodes, Electronic Product Code (EPC)-based Radio Frequency Identification (RFID), data synchronization, and electronic information exchange.
GS1 US is collaborating with the Federal Reserve and cash handling industry leaders to bring greater transparency and efficiency to cash logistics using GS1 Standards. GS1 US has developed the GS1 US Cash Visibility Discussion Group, in conjunction with the Federal Reserve, financial organizations, retailers, and armored carriers, to create a standardized framework for identifying, tracking, and electronically exchanging information about cash as it moves through the supply chain. Through shared and automated cash visibility standards, partners can easily communicate their deposits or cash transit status throughout the cycle, saving significant time and labor.
"In proof-of-concept testing with major armored carriers, cash visibility based on GS1 Standards reduced dock time by one-half to two-thirds," said Bernie Hogan, senior vice president of emerging capabilities and industries, GS1 US. "Intensive cash users and businesses have the potential for significant business process improvements, resulting in bottom-line benefits." Learn how to start building a demand responsive supply chain network. Learn more:bit.ly/1hdINk2.
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50% of Manufacturers Deal with Non-Compliant Suppliers
MetricStream surveyed organizations across industries regarding managing, measuring, and monitoring supplier compliance. Findings revealed that 50% of manufacturers faced an issue of supplier non-compliance and only 43% focused on local laws when drafting supplier policies. Ninety-one percent have a compliance program in place; a risk and control mechanism is the most popular evaluation method. Today's organizations are held responsible by customers and regulators for the actions of their suppliers. Meanwhile, supply chains are growing more complex, increasing the likelihood of non-compliance and amplifying the impact on parent businesses. Learn more about the Collaborative Supply Chain Portal: bit.ly/1PrFCQM.
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