Supply Chain Risks to Consider


Supply Chain Management or SCM with its varying complexities have been churning out more risks for businesses than in any other department. Be it lack of visibility, non-traceable cash flows, multiple supplier management, infrastructure problems, and a lot more, streamlining the supply chain is the key to seamless business productivity.

Sure, the digital explosion has armed businesses with multiple tools and solutions such as cloud, IoT, AI, Big Data, etc to effectively track, monitor, and gather insights on multiple supply chain processes and make informed decisions. However, the digital transformation of this department has also coughed up some major risks that need expert advice such as from enterprise risk management consulting companies. These risk advisors efficiently recognize future risks, track the existing ones, come out with risk management strategies, pen down contingency plans, and assist in effective implementation of the risk administration procedures. Below is a deeper highlight on the usual supply chain risks-

Firstly, workflow management is the biggest hassle in the supply chain. Supply chains are now spread over multiple locations, even beyond national boundaries. Warehouses are also scattered over multiple regions. Tracking of inventory, stock management, stock transit management, and supplier workflow visibility-every such segment can give rise to multiple daily operational problems that need to tackled by an efficient global value chain workflow management platform. Secondly, due to supply chains being spread over multiple regions, legal and compliance risks come into play. Each region has its trade rule variations and a lot more and it’s hard to track all these legal nitty-gritty at every location. Enterprise risk management consulting firms are often hired a lot more just to tackle these supply chain complexity issues. Third obviously, taking a cue from the excessive and disjoint digital activities in the supply chain, privacy risks can occur that might result in data losses, phishing attacks, and a lot more. Sensitive business information is circulated across the supply chain and having a uniform, secure data management platform is significantly required for businesses of all sizes in today’s information-driven era.

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