How to Mitigate Supply Chain Hazards

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Supply Chain Hazard #6: Interconnected Risks

The final hazard that firms need to concern themselves with is interconnected risk. Oftentimes, firms focus on a single risk area and do not consider how an incident can affect more than one area of the company. But by understanding the variety and interconnectedness of supply chain risks, managers can tailor balanced, effective risk reduction strategies for their companies. So, firms, be sure to strategize the following: prevent and prepare without reducing profits, seek additional profits for any level of risk protection and preparedness, and attain the highest achievable profits for varying levels of supply-chain risk.

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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