In this informative video, KPMG partner, Jerry Thompson discussion the impact of today’s geopolitical environment affecting global business. Learn how customer centricity is affecting business and supply chains. Hear a discussion on nearshoring and how clients can manage these value chain developments.
How is customer centricity affecting business and supply chains?
Jerry Thompson: What we're also seeing is that companies are being overly impacted by the need to be more reactive to their customers needs. We call this a customer centric business model and because his customer demands require more flexibility and product design and more service requirements you know like same-day shipping or returns that it's really requiring companies to think about how they structure their supply chains to be closer to their customers and fortunately you know digital capabilities are now actually adding the ability to do that in a cost-efficient manner
How can intelligence be used in improving a company's supply chain?
Jerry Thompson: So his clients are dealing with these you know convergence of these events what we're really advising is that they think about using intelligence within their supply chain is a way of helping you know one from a risk perspective identify internal and external sources that will they can utilize to analyze where potential risks may come from. Secondly building transparency into the supply chain so once you've identified what those potential risks are you need to understand how they may impact you and having visibility up and down the supply chain will help you do that and then finally, using that that intelligence really looking at how you build flexibility into your supply chain so that you have the ability to adapt to the business models of the future.
What opportunities should clients be revisiting in their supply chains today?
Jerry Thompson: For tax professionals and trade professionals, it's really time to re-engage with the business to understand where they're going directionally particularly you know on the trade side you know as we look at you know changing countries of origin we look at potential utilization of duty drawback regimes of foreign trade zones bonded warehouses those are all ripe for for revisiting and then on the income tax side you know companies that either operate today a tax efficient supply chain or looking to do that in the future you know as value is now being created in new ways and new locations it's definitely time