Electronics OEMs are well aware of supply chain risk in its many forms, from natural disasters to business calamities. In the modern world, in fact, most organizations realize the importance of proactively managing risk.
Of course, it's impossible to predict and foresee every potential disaster. Instead, organizations need to make sure that policies and procedures are in place, and people are trained, to allow for the recognition, assessment, and response to inevitable disruptions the supply chain. Geraint John, senior vice president, research, at SCM World wrote:
Companies today face a wider range of threats to the efficient running of their supply chains than ever before. These include not only volatile material costs and supplier failures, but also cyber attacks, adverse weather and geopolitical instability. To get better visibility of these risks and develop proactive mitigation plans, leading organizations monitor real-time alerts linked to a detailed map of their supply networks, and are experimenting with predictive analytics and data scientists to anticipate problems before they happen.
The infographic below from Kinaxis, offers a look at supply risk strategies. Take a look and let us know how your organization is evolving its risk strategies to minimize impact of problems on the business.
— Hailey Lynne McKeefry, Editor in Chief, EBN