Effective supply chain risk management enables companies of all sizes to work on the threats to supply chains, reducing risks to business operations.
Effective risk mitigation procedures are crucial for short-term business continuity and long-term competitive advantage, growth, and profitability.
The increased innovations in threat attacks and the market disruptions they cause are critical areas for the enterprise. The supply chain drives businesses, and any risk to its security will have massive impacts on the brand and its survival.
According to the Gartner Supply Chain Resilience Survey
Effective supply chain risk management enables companies of all sizes to benefit from tried-and-true tactics that reduce risk and position them for success.
Strategies for Supply Chain Risk Management
Supply chain risk mitigation can be challenging in today’s connected and digital world because of globalization and potential cyber interference.
However, there are steps firms can take to lessen the risks:
1. Use the PPRR risk management framework.
Most businesses use the PPRR risk management model, a well-liked global supply chain risk management technique. The “PPRR”…
