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(SOLVED!) How Can Supply Chain Identify Risk?

Thanks to inter-connected and global supply chains, the procurement and supply processes have become highly complex 👍 These value chain risks affect the internal as well as external stakeholders such as employees, shareholders, suppliers, contractors, consumers and government 🔥 Sourcing a sustainable supply management strategy to suit the organization’s needs is a major risk 👍 Supplier risks involve being aware of the product’s provenance, shipment and delivery schedules and supplier’s internal processes. As organizations need to know how their suppliers work and have security in place, this is vital. This allows you to determine the delivery time and supplier performance, as well as address any inventory fluctuations and uncertainty. [1]
The supply chain fuels the engine of manufacturing and retail. You can’t sell product, have no stock to store, or earn any revenue without it. It is inevitable that there will be disruptions in your supply chain. This can cause both manufacturers and retailers to have to work together to get the goods back on track. In a Gartner survey, only 21% of respondents stated they’re have having a highly resilient network, though more than half expected to be “highly resilient” within a few years. That’s a positive sign, but what exactly can be done to get ahead of those supply chain risk factors? This page was last modified 56 days back by Lorra Pyton, Huainan (China). [2]
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Last year’s experience has demonstrated that a risk management plan is more than just an essential part of supply chain management and performance management. It is an ever-evolving action plan. Needs regular updating and cross functional top Support for management. Customers and investors expect more from companies, including a triple bottomline, people, planet and profits. Also, they don’t expect disruptions to their supply chains. This requires an agile and resilient supply chain where risk is proactively identified and managedThe ability to reduce or avoid the effects of supply chain issues. Knowledge is power. Having access to accurate, validated, timely supply and supplier data is key to managing risk within your supply chain. It is similar to trying to win chess with your opponent and not having it. Your opponent may be able see every piece on the board but you don’t. We are grateful to Dhyana Herrington, Pathum Thani Thailand, for sharing this information. [3]
The specialists at netsuite.comAlthough these issues are not new, many of them have grown more prominent. For instance, data from the international disaster database EMDAT has shown that natural disasters are becoming increasingly common over time. However, environmental, governance, and social concerns (ESG), have all been brought to the forefront. Consider the origin of goods: An increasing number of people want to find out where their products came from and if they have were made with ethical and sustainable practices. The environmental risk is now more than just the products themselves. Natural disasters To sustainability. A fine, or even forced closure could be imposed on a company that releases toxic toxins or dumps its waste in water. Modified by Jacob Campbell, Ningbo (China) on June 18, 2021 [4]

Article references

  1. https://www.spendedge.com/blogs/supply-chain-risk-identification-assessment-mitigation
  2. https://global.hitachi-solutions.com/blog/supply-chain-risk-management
  3. https://www.achilles.com/industry-insights/4-steps-to-manage-your-supply-chain-risk/
  4. https://www.netsuite.com/portal/business-benchmark-brainyard/industries/articles/cfo-central/supply-chain-risks.shtml
Mehreen Alberts

Written by Mehreen Alberts

I'm a creative writer who has found the love of writing once more. I've been writing since I was five years old and it's what I want to do for the rest of my life. From topics that are close to my heart to everything else imaginable!

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