Global vs Local #Traceability: Costs, Preparation, and Benefits Explained | Digital Twin 14

In this episode, we dive deeper into the concept of traceability and its real-world implementation in the manufacturing industry. Building on our previous introduction to traceability, we delve into the cost implications for companies looking to adopt such systems, exploring factors beyond the initial implementation. The cost of setting up a traceability system can greatly vary, ranging from a few thousand dollars to millions, contingent on the size of the business, the complexity of the supply chain, the industry, and specific feature requirements. It's crucial to note that costs also extend to maintenance, updates, staff training, and possible customization. We then flip the coin to analyze the potential cost of not implementing a traceability system. The risks involve considerable reputational damage, loss of consumer trust, and regulatory fines, not to mention the challenges in managing or recalling defective products, and overall supply chain inefficiencies. We identify the key attributes of companies poised to adopt traceability systems, emphasizing the need for transparency, efficient supply chain management, and enhanced quality control. Preparation for such an undertaking involves a comprehensive understanding of current systems, identification of gaps, planning for integration, and readiness for possible organizational changes. Finally, we distinguish between local and global traceability. Local traceability focuses on a confined environment like a single company, whereas global traceability extends across the entire supply chain, involving multiple companies and sometimes crossing borders. While global traceability provides comprehensive transparency and risk management, it requires more collaboration, standardization, and commitment, thereby making it more complex and expensive. For more information feel free to check our website: https://www.podcastdigitaltwin.com/ #global #manufacturing #industry40 --------------- ⏱ IN THIS EPISODE: 00:00 – Podcast Digital Twin. 00:34 – How to Guess How Much a Traceability System Would Cost? 02:11 – Cost of implementing traceability in the company. 09:01 – What is the cost of a traceability system? 12:46 – Implementation of traceability system for manufacturing. 16:52 – 3 Step Processes for Traceability. 22:59 – Local vs Global Traceability. 26:11 – Why are companies not implementing traceability? --------------- You can find us on Linkedin: Adrian Stelmach -   / stelmachadrian   Paul Pachowicz -   / paulpachowicz   Check Adrian's blog, where You can find daily posts about using technology in business: https://adrianstelmach.com Thank you for watching Podcast Digital Twin! 👉 Subscribe, like 👍, comment and share this video to stay updated on the latest in digital transformation trends! 📈 --------------- Check other podcast platforms: Spotify: https://open.spotify.com/show/65Dm21T... --------------- Check the other episodes on Podcast Digital Twin channel:    • How can business benefit from new technolo...   - Introduction to Podcast Digital Twin.    • What is the difference between digitizatio...   - Digitalization vs Digitization.    • Ecommerce in manufacturing? How to adopt d...   - Ecommerce in manufacturing.    • Digital Transformation - TOP 9 mistakes of...   - Biggest mistakes during digitalization implementation.    • 10 Reasons Why Digital Transformation Fail...   - 10 reasons why digital transformation fail.    • How to Revive a Failed Digital Transformat...   - How to Revive a Failed Digital Transformation Project?    • Essential guide to a Smart Factory? Get Yo...   - Guide for Industry 4.0.    • #Industry40 Strategies for Energy Savings ...   - How to save energy using technology?    • Digital Transformation Manager Unleashed: ...   - Who is a Digital Transformation Manager?    • Become a better manager! Data-Driven Leade...   - How to become better manager using technology?    • From Manual to Digital - Redefining Busine...   - Intro to digitalizing reporting.    • Can we trust the safety of products we con...   - Digital reporting.    • Can we trust the safety of products we con...   - Trust in product consumption?