4 Strategies to Help You Manage Supply Chain Risk effectively

4 Strategies to Help You Manage Supply Chain Risk effectively

Business runs with strategies and planning to achieve the business goals in financial, operational, functional, and organizational aspects. But are these the only factors that boost a business to progress? Supply chain management is an important factor that supports most businesses from manufacturing, selling, reselling, and delivering it to the right one who needs any product.

Supply chain management starts from the flow of goods and services to the right person according to his/her requirement. It includes the process of transforming raw materials into fine good products that come to market. Supply chain management is the active streamlining of a business’ supply activities to extend customer value and competitiveness.

Read More

How to Improve the Way We Monitor Supplier-Related Risks?

Businesses face various types of supplier risks when managing their supply chain. These risks involve uncertainties that can present challenges to their current or future operations. Unfortunately, not every organization understands the wide range of supplier-related risks and fails to manage them.

Before we move on to discuss ways to improve the way we monitor supplier-related risks, it is important to understand what is meant by supplier-related risks. Supplier risk is referred to as any risk associated with a supplier's operation or organization that might have a negative influence on your company's activities.

Depending on the activities of the firms involved and the sort of transactions made, there are a variety of hazards. However, we may categorize these risks into four types.

Read More