Mitigating Risk through Best Practices

A five-point strategy for supply chain risk management


In today's fast-paced global business environment, innovative companies must excel at mitigating risks; their employees must catch potential problems before those events become catastrophes. A tested and proven crystal ball would help, but until these are readily available, other strategies must prevail. Legislative requirements, market turmoil, competitive activity and freak weather events are all tricky to predict with accuracy, but they are not beyond the realm of proper planning.

To serve their customers, executives must be more vigilant than ever regarding threats to the financial well-being of their organizations. The requirement for greater visibility throughout the supply chain is paramount so that risks and opportunities can be anticipated. It's one thing to manage those factors that are relatively easy to see; it's quite another, but imperative, to manage those that come with an element of surprise. While the specific return on investment varies, mitigating risks means improved traceability and visibility, and results in lower costs, increased operational efficiency and customer satisfaction, tighter regulatory compliance and creation of a climate of continuous improvement. You cannot afford to remain among the 82 percent of companies that are just concerned about supply chain resiliency; you must act now.

About the Author: Andrew Kinder is director of product marketing for supply chain management at Infor. More information at www.infor.com.

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