Supply Chain Risk Management Providers – The Right Selection is a Must

Supply chain risk management is no doubt necessary in procurement organisations, but here’s the reality: Not all of your procurement teams and specialists will have enough time to examine all aspects of their company’s supply chain—particularly the n-tier suppliers. In most cases, they will only be able to examine their critical suppliers and may overlook other elements that can cause problems to the supply chain of an organisation. For this reason, hiring supply chain risk management providers is recommended. With supply chain risk management specialists, your business should be able to achieve deeper visibility into its extended supply chain to identify risk and key performance indicators, which must be monitored to avoid any surprises.

Selecting supply chain risk management providers should be done carefully to ensure that you are hiring the right professionals. To get started, determine and understand your needs and the current risks in your supply chain, then look up a reputable provider of supply chain risk management solutions that follows a systematic approach in addressing the risks using a proven process. Consider a provider that maps and identifies interdependencies in your extended supply chain by collecting information on your critical suppliers and analysing the information to determine how dependent they are on one another.

Seasoned supply chain risk management providers are capable of mapping potential risk areas by conducting research on countries and markets that can have a significant impact on your n-tier suppliers in every procurement category. Likewise, they identify risk indicators, which must be monitored for every category. Monitoring the risk indicators and spotting risk signals are crucial steps in proper supply chain risk management. You can leave those tasks to experienced providers who use a reliable category intelligence framework to keep tabs on risk indicators linked to your procurement categories. You will be provided with updates in the form of periodic newsletters, news alerts, and reports, so you can always be informed on any potential risk that can come from your extended supply chain.