Supply chain risk management is the implementation of strategies to manage everyday and exceptional risks along the supply chain based on continuous risk assessment with the objective of reducing vulnerability and ensuring continuity.
The current COVID-19 pandemic has caused disruption through all sectors with various degrees of impact. It is time for companies to rapidly assess, recover and respond quickly through numerous obstacles and challenges that still stand in the way.
Best practice is take the time to identify key products, revenue drivers, core business processes and locations in the supply chain – from procurement of raw materials to delivery of finished goods – as well as the types of events that could disrupt them. Then, take steps to prevent those ‘pinch points’ from squeezing shut.
Unfortunately, many organisations rush to revamp their supply chains without giving much thought to such a review. As they outsource to China, Hungary, India, Malaysia, the Philippines, Vietnam and other developing countries, they often unknowingly take on greater exposure to natural disasters, lower safety standards and less reliable legal systems.
Our team of supply chain experts have the knowledge to review your current operations and advise on potential future challenges you may experience.
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