Canadian business struggling to strengthen their supply chains are turning to increased logistics data and the relocation of their operations, experts say. 
“No matter what enterprise you are, and what sector you are in, the problem is you don’t have quantity data (on your suppliers),” Stephany Lapierre, the founder and chief executive officer of TealBook, said in a TV interview on Friday. 
  Tealbook provides digital transparent data of suppliers to businesses, which allows them to run their logistics operations more smoothly. The company has secured $73 million in funding to date, according to its website. 
Lapierre said that an increase in this kind of data would help companies make better decisions by having intel on suppliers they are currently lacking.
This information, which is largely collected manually, is vital for business operations, which include risk mitigation, compliance requirements and environmental, social, and corporate governance (ESG) requirements, she added. 
“If you don’t have this (data), it makes it incredibly difficult to stay competitive and make the right decisions,” Lapierre stated. 
The need for greater insight in company supply chains was brought to light particularly during the early years of the COVID-19 pandemic, when businesses were faced with massive closures and uncertainty in their supply lines. 
Procurement logistics didn’t always have a seat at the executive table, but suddenly businesses are pouring more investment into it and providing bigger budgets for the division, Lapierre explained. 
Major investments in this space can also help some Canadian enterprises who are currently at the mercy of large transportation companies, one industry expert said. 
“Companies have been left to deal with the rising costs of transportation for their products — and this is something they don’t have control over,” Fraser Johnson, the chairman of Leenders Supply Chain Management Association at the Ivey Business School, said. 
He explained that companies are exploring opportunities for local and regional sourcing as one way to mitigate risks to global supply disruptions and higher transportation costs. 
“Businesses are continuing to relocate supply closer to home as one way to address costs and improve supply chain transparency,” he said.