Wednesday, 3 August 2016

The Positive Aspects of Hiring Supply Chain Risk Management Providers


Every organisation has critical suppliers that can become a great risk and cause delays and problems in the supply chain. But risks can arise from n-tier suppliers, too. Hiring a supply chain risk management provider will ensure that companies can maintain a deeper visibility into their main and extended supply chains. A good supply risk management provider can help you identify crucial risk and performance indicators and efficiently monitor them to prevent any issues down the road.

A seasoned supply chain risk management provider relies on a systematic approach to determine and address any supply chain risk in a company. This approach involves the identification and mapping of interdependencies in the n-tier or extended supply chain. Information is collected from the company's critical suppliers on their extended supply chains, so it can be analysed and used to identify interdependencies. Potential risk areas are mapped by looking up countries and markets that may have a remarkable impact on every procurement category's extended supply chain. Research helps identify key risk indicators that must be monitored for every category.

Companies can rely on supply chain risk management providers to monitor risk indicators to detect risk signals as soon as they occur. Seasoned providers use a proven category intelligence framework to keep track of risk indicators associated with unique procurement categories. At the same time, they will keep their clients updated through periodic newsletters, reports, and news alerts. That way, companies can always be aware of potential risks that could emanate from their extended supply chains.

By hiring supply chain risk management providers, companies can better understand the probability and depth of any potential risk that may come from n-tier supply chains. Professional providers are connected to industry experts, so they can consult with them to acquire insights and on-ground intelligence with the client's requirements and the situation in mind.

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