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For a more comprehensive explanation of best practices in supplier riskmanagement you can view the full video of the presentation here. Because of the pandemic, riskmanagement surrounding sourcing has become top of mind in supply chain organizations. Supplier RiskManagement in Periods of Crisis.
In February, Klaus Niebur, the director of global supply chain riskmanagement at Autoliv, and Jan Thiessen, the managing director at targetP!, spoke on best practices on supply chain riskmanagement at ARC Advisory Group’s Digital Transformation in Industry conference. The implementation was not trivial.
With the main focus on maximizing time and cost efficiencies, cargo riskmanagement is often skipped over despite being a critical step in protecting your company. The risk of […]. The post Transportation RiskManagement: Keep Your Cargo Out of Danger appeared first on Logistics Viewpoints.
Supply Chain RiskManagement Solution from riskmethods. If I was asked to vote for the most interesting solution set that has come to the fore over the last few years, my vote would be for supply chain riskmanagement solutions. Supply Chain RiskManagement Vendors. AGCO Stayed Nimble during the Pandemic.
The paper highlights real-world examples and use cases that demonstrate generative AI's transformative effects on operational efficiency, riskmanagement, and cost reduction.
Barry Conlon and Joe Lynch discuss supply chain riskmanagement, which is exactly what Barry and his team at Overhaul provide to Fortune 100 companies across the world. Overhaul’s technology is an always-on, SaaS solution that enables truly transformational supply chain visibility and riskmanagement.
These are the top challenges that are driving increased interest in and demand for consulting and managed services. Market Volatility Continues to Undermine Supply Chain RiskManagement. Increased Throughput Generates a Need to Manage by Exception. Limited Granularity of Data Leads to a Lack of Actionability.
Any discussion on supply chain riskmanagement and applying managed transportation to help prevent risks from coming to fruition is incomplete without touching on the pandemic to overcome supply chain disruption. Market Volatility Continues to Undermine Supply Chain RiskManagement.
Spend Matters recently released their Spring 2025 SolutionMap for RiskManagement , and we’re pleased to share that Resilinc has maintained a strong position ahead of competitors in the Supply Chain RiskManagement module.
Direct materials sourcing is evolving, with procurement now tasked not only with cost efficiency but managing sustainability and riskmanagement. The environment is marked by heightened demand and expectations, compounded by challenges such as rising input prices, supply chain disruptions and geopolitical tensions.
The Mint staff adds, “Supply chain risk is a modern day reality and can emanate from a variety of sources, ranging from natural disasters to government policies and a host of other unforeseen events.”[2] In other words, good riskmanagement can provide a significant competitive advantage for businesses.
Building resilient supply chains involves adopting a proactive approach to riskmanagement. Adopting a riskmanagement framework for cybersecurity is something that all manufacturers should be doing. This necessitates a thorough evaluation of supply chain partners and the implementation of stringent security protocols.
Ted Krantz, CEO of Interos Interos , a company providing supply chain resilience and riskmanagement software, emailed me to say that there was a supply chain risk everyone seemed to be ignoring – AI-related risks. Is the information from these websites factual? Is it fictional?
Supply chain riskmanagers have a dilemma. Journalist Thor Benson reports that tuning out bad news might be good for their mental health; however, riskmanagers know tuning out bad news wouldn’t be good for business. … The models allow for fast movement when a high-consequence risk or opportunity occurs. .”
Speaker: Dr. Ken Fordyce, Solutions Director, Supply Chain and Advanced Analytics at Arkieva
Riskmanagement is defined as anticipating and responding to an event not yet part of the plan of record that requires a significant adjustment in your demand-supply network (DSN). COVID-19 has put riskmanagement at the front and center in the supply chain world.
It emphasizes the importance of cost savings, supply base rationalization, riskmanagement, strategic foresight, and supplier collaboration. BSR Releases Their Future of Supply Chains 2025 Outlook The Future of Supply Chains 2025 primer by BSR outlines key procurement priorities and forces of change that will shape supply chains.
How is AI changing supply chain riskmanagement , and what does it mean for the future? Arjun Mehta: How is AI impacting supply chain riskmanagement? But we boil everything down to risk scores so that you don’t have to be an accountant to know that there’s a financial health issue with a vendor.
Thirdly, all the COVID supply disruptions brought home the need for better supply chain riskmanagement. Riskmanagement had been a hard sale. Companies typically embrace improved supply chain riskmanagement after a disaster – after the horse had already fled the burning barn. They are not.
While many riskmanagement experts might say this is due to supply riskmanagement, I think the issues are more insidious. Each of the process segments translated the shifting cost to improved margins. However, no process industry was resilient through the recession.
It also highlights the significance of CSA Z1005 as a riskmanagement standard and outlines the ROI of thorough incident investigations, covering emergency response to post-incident interviews. Additionally, it introduces an Investigation Evidence Gathering Matrix.
Boston Consulting Group (BCG) analysts report, “A recent BCG survey found that nearly three-quarters of senior executives have confidence in their companys strategic riskmanagement capabilities. ”[2] What is the Difference Between Strategic and Operational Risks? Choose a strategy for dealing with each risk; 4.
Because of the pandemic, riskmanagement surrounding sourcing has become top of mind. This best practice urges companies to examine not just the cost of the sourced products, but also to understand the risks associated with not multi-sourcing key components.
Over the past four years, due in large part to the Covid pandemic, there has been a lot of discussion about the importance of riskmanagement and how companies need to create more resilient supply chains, with logistics being a key enabler. We were reminded of this again just a few days ago, when a. Read more
Develop Third Party RiskManagement: It could be going through multiple teams, extensive onboarding, on-site visits, due diligence questionnaires, SoC 2 reports, etc. All of that comes into play to make sure that your third parties are meeting our cybersecurity and data protection standards.
They needed a solution to help them understand their lack of material availability and which plants and production lines were at risk of shutting down, so they could take corrective actions to mitigate that risk. This case study covers: Customer challenges. Key capabilities. Customer benefits.
Over the past four years, due in large part to the Covid pandemic, there has been significant discussion about the importance of riskmanagement in logistics and how companies must create more resilient supply chains. Logistics operations are key enablers in this process.
Meanwhile, the Supply Chain RiskManagement category continues to see strong interest as resilience becomes a strategic priority. AI-Related Risk is Real, and Largely Ignored challenges readers to consider second-order effects of automation and digital integration.
Managing exceptional risks requires insights and visibility of key information – this gives you the ability to minimize the impact of these unexpected, yet huge disruptions. It is a necessary part of supply chain riskmanagement. Contingency plans and supply chain riskmanagement.
I’ve always said, if you’re in supply chain management, you’re in the riskmanagement business. You have your typical risks, like natural disasters and labor strikes, with the latter becoming more prevalent this past year. As reported by Kate Bronfenbrenner in the Wall Street Journal, “As of Oct.
Salus Technical : Provides software solutions that combine AI with engineering expertise to improve process safety and riskmanagement in industrial operations, aiming to prevent accidents and ensure compliance.
” There are, however, some well-known dragons supply chain riskmanagers will continue to encounter. The CNW Group reports, “Three quarters of businesses worldwide are overhauling their supply chains by working with more rather than fewer suppliers to mitigate risks in an increasingly fragmented global environment.
Risk Mitigation AI enhances riskmanagement by identifying potential supply chain disruptions before they escalate. AI-driven supplier risk assessments monitor financial stability, historical performance, and geopolitical exposure, allowing for early intervention.
Market Benchmarking: DAT provides benchmarking tools that allow shippers to compare their freight spend against the broader market, identifying opportunities for cost savings and riskmanagement.
. … The truly biggest risks and threats — to the global economy, to businesses, and to supply chains — are the ones you’re unaware of and not accounting for in the first place. When it comes to riskmanagement, assessing the likelihood of various outcomes, and preparing accordingly, is vital. But what’s even more vital?
The COVID-19 pandemic and its ripple effects have put supply chain riskmanagement back in the spotlight. Simply put, supply chains today face greater risks than in the past, including from relatively new threats like cyberattacks. How often do you consider risk in your supply chain decisions?
Develop Third Party RiskManagement: It could be going through multiple teams, extensive onboarding, on-site visits, due diligence questionnaires, SoC 2 reports, etc. All of that comes into play to make sure that your third parties are meeting our cybersecurity and data protection standards.
I will describe in this article some ways in which carrying higher levels of inventory can be an efficient means of inventory and riskmanagement in an inflationary environment. Inventory Costs and Risks. Instead, they are likely to carry higher levels of inventory as a lower cost alternative to minimizing disruptions.
Our other guest, Peter Stallion, Head of Container Futures at Braemar, thinks the pandemic will prove to be the turning point for better container contracts and effective riskmanagement through derivatives, like Forward Freight Agreements (FFAs) based on the Freightos Baltic Index – itself a product of freight rate digitalization.
This past March, in the aftermath of the Silicon Valley Bank collapse, the Wall Street Journal reported that “Corporate information technology leaders say they are reassessing vendor relationships and putting greater emphasis on riskmanagement.” We asked members of our Indago.
Mario is the Chief Technical Officer at Reliance Partners , a commercial insurance agency specializing in riskmanagement solutions for the transportation and logistics space. The CTO Perspective with Mario Paluzzi. Mario Paluzzi and Joe Lynch discuss the CTO perspective. About Mario Paluzzi. About Reliance Partners.
This information is then used to develop a riskmanagement strategy that takes into account the potential impact of different types of cybersecurity incidents.
Meanwhile, supply chain riskmanagement solutions can be used to monitor the financial health of upstream vendors so that alternative sources of supply can be secured promptly if key vendors are in trouble. This needs to be done carefully, a company needs to make sure they don’t force their key vendors into bankruptcy.
The n-tier risk problem is solved by sophisticated riskmanagement solutions. It would be more difficult to pull n-tier riskmanagement data into the model. The post The Black Hole at the Heart of Supply Chain Management appeared first on Logistics Viewpoints. You can read about these solutions HERE.
Enhancing Competitive Advantage Strategic sourcing creates a sustainable competitive edge by combining cost savings, riskmanagement, and supplier innovation. Predictive RiskManagement Smart solutions equipped with predictive analytics can help foresee potential riskssuch as supplier insolvency or geopolitical eventsbefore they occur.
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