The events of the past year have demonstrated just how critical it is for manufacturers to ensure they are proactive about managing risks, especially when it comes to their supply chains. According to data from Chubb and the National Center for the Middle Market (NCMM), around half (51 percent) of middle market manufacturers say COVID-19 has had a negative impact on their supply chains, and a nearly equal percentage (48 percent) believe the pandemic will continue to have a negative impact on their supply chains through 2021.
Even outside of the pandemic, many factors can cause disruption—such as severe weather events, to name just one example—and the reality is that no supply chain is immune.
As manufacturers look to the future, and evolve their processes and procedures, it is critical for them to remember that with every opportunity comes potential risks. Whether they’re looking to integrate new technologies, diversify their sources, or expand in response to increased demand for their products, manufacturers must act proactively to reduce the impacts of these exposures.
Data and the IoT
IoT technologies are becoming increasingly prevalent in manufacturing…
