Supply Chain Risk has many facets and only true mitigation can come from exploring every one within your supply network. Please read about managing supply chain risk and discover how critical it is to raise your awareness.
Developing a risk adverse culture and integrating risk practices into your processes creates a level of awareness that enables you to apply risk transfer strategies to events with the highest likelihood of causing the most significant impact to your daily operations. Also, focusing risk mitigation on the most critical areas of the supply chain is the best use of your resources.
The application of AI, machine learning and predictive analytics is revolutionizing risk management and creating opportunities to predict when or where an event might cause disruption. Early notification of events in your ecosphere and a prepared workforce will protect your most important business assets.
Reduce product risk by including supply chain in product development. Incorporate risk practices into design decisions and the component selection process. Take a proactive approach to risk awareness and enjoy successful product launches and satisfied customers.
Selecting suppliers just on price and technology is no longer an ideal practice. After all, neither of these things will matter when the supplier cannot produce product. Apply a different approach to sourcing and build a supply chain you can depend on.
A continuity of supply strategy ensures the greatest return from risk investments by managing the delicate balance between risk reduction and risk mitigation.
Your company is just one of many links in a chain from the mine to the market. Even if your link is strong, its only as strong as the ones before it and after.
Contingency plans with key suppliers and 3PLs provides visibility to recovery requirements, timelines and costs for comprehensive risk mitigation plans and prepares your supply chain for the inevitable.
To manage a crisis successfully, your organization must respond quickly and efficiently. Awareness and risk management capability starts with a playbook.