[Source Bloomberg]
An article found on Supply Chain Brain
Across nearly every industry, the inability to resolve product problems as they arise can cause a lack of trust with consumers that’s hard to rebuild.
Whether the issue involves counterfeit medicines with life-threatening consequences, or a tainted ingredient that causes an outbreak of foodborne illness, when a crisis hits, companies must react quickly to determine the source of the problem, and pull the affected product from the supply chain.
In such situations, outcomes can be costly, including lost revenues, waste, high resupply costs, and increased logistics expenses — not to mention the potential for enormous brand damage.
Without processes that enable full visibility and traceability, every one of those risks becomes greater than it needs to be.
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