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.