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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