How to Mitigate Supply Chain Hazards

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Supply Chain Hazard #2: Disruption Hazards

Disruptions to material flows are unpredictable and damaging. In March 2000, lightning hit a power line and started a fire at the mobile phone microchip manufacturing firm, Nokia. As a result, the company began switching its chip orders to other Japanese and American suppliers. Thanks to its multiple-supplier strategy and responsiveness, Nokia’s production suffered little during the crisis. In order to minimize problems associated with disruption hazards, companies should have a contingency plan in place to protect their supply chain management procedures.

How's the weather? While that may seem like an everyday conversation-starter for the average Joe, that question can stir up angst and distress for logistics and supply chain professionals.

The reality is that many things can go wrong in today's extended supply chain environment. Companies encounter delays, disruptions, safety threats, financial insolvency, environmental concerns, interconnected risks and other supply chain risks that can be unexpected and can take companies weeks or months to recover from.

While risk mitigation can be an intimidating endeavor, especially when it comes to the complexities of supply chain management, it doesn’t need to be. By identifying their biggest risks and coming up with mitigation strategies, companies can navigate their way through the supply chain, safely and efficiently. Are you up to speed on common supply chain hazards, with a best-practices approach to mitigating those risks? If not, Avetta has outlined tips that organizations can take to shore up their supply chain. Welcome to supply chain risk mitigation 101.

 

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