Specific Actions to Avoid Supply Chain Risks that Could Easily Cripple a Company

Specific Actions to Avoid Supply Chain Risks that Could Easily Cripple a Company

👉 Develop updated #SRM plans/processes.

👉 Develop a better cross-functional communication system to enhance decision-making.

👉 Utilize AI/IoT more systematically to capture data, information, and knowledge to automate capabilities to measure and report process performance along with the critical business impacts.

👉 Given that the SRM process is more strategic in nature.

👉 Develop liquidity and cash flow management.

👉 Increase the number of available backup suppliers for the fastest-moving products.

👉 #Management should evaluate an investment in key transformation technologies to address the increased risks identified.

Today’s environment requires additional focus on a more robust Supplier Risk Management process to deal with the unexpected and ensure overall business success.

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