In today’s ever changing global economy and with the increase of just-in-time inventory, mitigating supply chain risk is vital to an organization’s survival. Supply chain risk is one of the top 10 business risks that senior leadership faces.
With the recent global event in Egypt and the Middle East along with the natural catastrophe in New Zealand, the almost overnight impact on commodity prices and availability of goods from those areas, underscores the need to understand supply chain vulnerabilities. It is important that Senior Management start planning and taking a proactive approach to ensure that their supply chain remains viable. Using simple tools like the risk register for example, in combination with a rigorous analysis can allow a company to better recognize the impact of their supply chain risk.
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