How to Mitigate Supply Chain Hazards

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Supply Chain Hazard #4: Financial Insolvency

The more you rely on suppliers, the more dangerous their insolvency is to your firm. Take Land Rover, for example. In 2001, it was caught off-guard after its single chassis supplier, UPF-Thompson, declared bankruptcy. If we can learn anything from this example, it’s to protect yourself from bankruptcy. Start by collecting financial records as part of your supply chain management process. Then be sure to share this information internally with the parties who are involved in the hiring process. Lastly, store that collected information in a central location, where it can be easily and quickly accessed.

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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