Why Is It Important for Supply Managers to Understand Legal Framework

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A company with a good understanding of its risk profile and related processes will be better equipped for the next crisis. In addition to being the best teacher in the world with Haslam, you will also be in contact with leaders from some of the world`s largest companies. With a dynamic and exciting cohort of students, you`ll gain the decision-making and problem-solving skills you need to maximize your impact as a leader in supply chain management. The best supply chain professionals can identify potential problems before they occur and take action before they cause a major disruption in the supply chain. Since it`s not possible to anticipate every problem, you also need to be able to define problems in real time and then formulate and implement solutions quickly. Disruption is always a fact of life. When making supply chain management decisions, it`s best to build in margins to account for the unexpected. Every decision should include a backup plan in case circumstances you can`t foresee make your original plan unworkable or ineffective. One element of the supply chain that can put your problem-solving skills to the test is transportation logistics. When weather conditions delay a delivery or put a warehouse out of service, it is essential to make decisions about whether and when to implement a backup plan.

PEST analysis is another tool suitable for visual imagery for decision-making. The acronym stands for Political, Economic, Social, Technology. This tool can help you make supply chain decisions based on external factors. Since most supply chains involve external partners and cross many geopolitical boundaries, PEST analysis is particularly useful for setting long-term supply chain management goals. Data collection is a key factor for effective decision-making and for the development of long-term goals. You need to have systems in place that consistently collect and analyze performance data from different elements of your supply chain. Accurate and up-to-date information is essential to the problem-solving process and the effective allocation of team resources. Data is your friend in supply chain management. When your decision-making process is based on good data, you can make better decisions. Supply chain managers need to keep abreast of the latest software innovations that can improve workplace performance and help supply chains operate seamlessly. Effective decision-making is the best defense against the unknown for any organization.

Many companies turn to their supply chain management experts to design and implement decision-making processes that keep the company ahead of the curve in an ever-changing world. If necessary, the company should define a framework of internal policies and processes to address the risk of regulatory compliance in the supply chain. This framework may include specific aspects of the company`s code of conduct (e.g. in relation to bribery and conflicts of interest); internal procurement guidelines and specific procurement controls. It may also include a code of conduct for external suppliers, which includes a number of general contractual obligations and obligations that suppliers must comply with. Foreign Corrupt Practices Act – This law prohibits payments (such as bribes) that could personally benefit a foreign agent. Although they are generally sellers, buyers must understand the provisions of this law in order to be able to recognize the situations that are dealt with by the law. As a leader in your company`s supply chain, you must not only develop solutions to problems that arise, but also communicate changes in the supply chain to all stakeholders. This can mean informing and informing your team members of changes to the process. It can also mean coordination with external suppliers in manufacturing, transportation or storage.

Your ability to clearly communicate your decisions is an important asset for your role in supply chain management. An important leadership and decision-making skill in supply chain management is judgment. The willingness to make a decision when you feel it`s the right one, even against resistance, is an important advantage in supply chain management. While it`s not always easy to understand when you`ve made the wrong decision and correct the situation, it`s important to keep your operations running smoothly. Those who approach you will respect your ability to be open and honest. Experience is an excellent teacher. But like any skill, all of these problem-solving skills can benefit from sustainable learning in an environment with other professionals. The online Master of Science in Supply Chain Management (MSSCM) from the Haslam College of Business at the University of Tennessee, Knoxville, offers a robust program to help you develop these and other decision-making skills you need to succeed in your supply chain management career. A legal expert has welcomed the decision of the Court of Justice of the European Union (CJEU) to limit the scope of EU rules on data collection to fight terrorism and serious crime. The Company or parts of the group of companies may be required to take certain actions in relation to its global supply chain in accordance with the ESG laws of different countries – for example, the Modern Slavery Act in the United Kingdom; the “conflict mineral” provisions of Chapter 15 of the Dodd-Frank Act; or the California Supply Chain Transparency Act. Such measures may include specific due diligence with respect to human resources or labour standards within the supply chain; making annual financial statements or other reporting requirements available to the public; or inform customers about supply chain transparency measures.

A supply chain manager must make difficult decisions, often quickly with real-time data. It`s important to have problem-solving skills that you can apply when a disruption occurs in your supply chain. A small manufacturing problem can become a much bigger problem if your company doesn`t have effective decision-making procedures in place. Do you have the skills to make decisions that help companies achieve their long-term goals? The Haslam MSSCM provides you with the training you need to overcome the challenges and opportunities of a supply chain management position. In 2007, researchers at Lund University in Sweden applied a modified version of the rational decision-making process to a case study on supply chain management.

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