How to Mitigate Supply Chain Hazards
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Supply Chain Hazard #3: Safety Threats
The fact is, every supplier is a potential liability, and a single misstep in the supplier selection process can cost you billions of dollars in lawsuits, damages and stoppage costs. However, companies can take several steps to bolster safety, such as having emergency action plans, effective communication, effective contractor screening and more. At the end of the day, safety is essential to the supply chain industry, and companies must insist on sending workers home safely each day.
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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