How to Mitigate Supply Chain Hazards
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Supply Chain Hazard #5: Sustainability Concerns
To effectively control the sustainability aspect of their supply chain management process, firms simply cannot afford to see the following issues in suppliers: ecologically destructive practices, excessive carbon footprint, energy and non-renewables consumption, just to name a few. Be sure to focus on sustainability in supply chain management by remembering that suppliers’ ecological, financial and ethical impacts are effectively yours. To avoid any negativity associated with your organization, ask suppliers to agree to your global sustainable practices (anti-bribery, corruption), provide total annual carbon emissions in the most recent year, total annual greenhouse gas emissions in the most recent year, a business continuity plan, and publicly available guidelines that address sustainability.
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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