The failure of a key customer can cause businesses a great deal
of damage – but you can take out insurance against that
eventuality. Less considered is the potential effect a failed
supplier could have on a company.
It's an issue that could affect any type of business.
Whether that's an engineering firm which can't get hold of
materials to complete an order, or a ferry operator relying on the
delivery of a new ship: managing supply chain risk is ever-present
and complex.
So, what are some of the key areas to consider when looking to
meet this challenge? Here are five areas to think about when
looking at your business's supply chain.
1. It's good to be in the know
Knowledge is power, as they say, and that's particularly
true when it comes to your supply chain. Have you thought about who
your most important suppliers are? They may not be the ones that
immediately come to mind. Make sure you're considering
financial, operational, and sales channels when reviewing
