Take a Proactive Approach to Risk Identification and Mitigation
Events such as the global pandemic, a shifting labor market, and the war in Ukraine have put a new supply chain priority into the spotlight — supply chain resilience. In order to withstand future disruptions, organizations need to start thinking proactively and bring risk identification and mitigation into their supply chain design process.
Measure Risk to Build a Resilient Supply Chain
Ensuring that your goods arrive on time is only a piece of the whole. Identifying risky aspects of your network, understanding the impact of potential disruptions, and using the design process to mitigate and reduce risk is an essential part of creating a resilient supply chain. Decisions made in the supply chain design process should no longer be made with a singular focus on cost – a company must understand the tradeoffs between financials, service, and risk.
Get a Risk Rating for Every Scenario
There are risks associated with business decisions such as sourcing and inventory policies, and external, systemic risks which might vary based on the network’s structure. Supply chains are susceptible to events such as natural disasters, import and export policies, and local labor markets, to name a few. Cosmic Frog’s risk rating engine considers these factors in its identification and quantification of the risk of each scenario.
A proactive approach to supply chain risk management can help you mitigate threats, ensure business continuity, and prevent your organization from being blindsided by unforeseen crisis events.
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