When it comes to Sourcing practices and processes, especially in manufacturing, every company follows similar processes which includes pre-qualification, site audits, reference checks etc.
What if the this information can be shared by other companies who have done this due diligence in the past and in return you share their cost. As per a recent study conducted by business information provider Achilles, Global companies are wasting more than $30 billion because they are no sharing information
Some of the findings and facts presented in this report to support the $30 billion number
88% of 300 companies surveyed said that there domestic and international operations need same information from their suppliers which includes Health and Safety data,environment, quality, sustainability and ethics.
37% of companies in Nordic region share information about their suppliers, 32% of companies share this information is US, followed by UK at 31%
Companies spend about $60 Billion annually on Supplier information gathering and management and half of that is wasted
You read more about this survey details at the following link.