Tools and technologies that could help mitigate supply chain risks
“Today’s supply chains are complex global networks that face a growing host of risks, including natural disasters, labor unrest, transportation delays, political uncertainty and cyberattacks.
Fortunately, through the use of technology and data analytics, there are ways for commercial shippers and service providers to mitigate these risks.”
Two steps a business could use to potentially prevent or mitigate the damage done by supply chain disruption are :
– Having the right tools
“A technology solution with a centralized booking system can streamline operations and show you the status of every provider’s shipments, up and down the supply chain. Technology features such as mobile track-and-trace and purchase order management make it simple to keep tabs on your freight.”
– Having the right partners
“Relationships with suppliers are key to mitigating risk. When disruptions send shipments astray, a supply chain provider with a deep network of relationships can be invaluable. With a little logistics creativity, such as changing the port of discharge for cargo traveling inland, an experienced partner can help lessen the impact of disruptions.”
Bottom line is; supply chain companies are exposed to risk every single day. Economy changes, political influences and natural disasters are all hard to predict and even harder to recover from if the company doesn’t have a solid risk management plan and a way to mitigate the damage done by the disruption.
A good risk prevention/ risk management plan will consist not only of right processes that are ready to be deployed at moments notice but also of having the right technology, tools and the right partners that will minimize the damage and increase the chances of exiting the disruption with minimal consequences for the company.
Article written in 2019 by Cathy Morrow Roberson a contributor for the Forbes is proving to be exceptionally relevant at the present moment.
Entire article can be read here .