In the era of digital transformation, supply chains, as we know them, seemed to have been turned on their heads. With new technologies, regulation changes, and consumer behaviors emerging at a faster pace than ever before, businesses must be prepared to face the impact that these heightened complexities are having on the supply chain. Whether you’re an enterprise business looking for more efficient ways to get ahead or an SMB just getting started in this modern world of ecommerce – staying up-to-date with the latest industry threats can help you stay one step ahead. In this blog post, Benjamin Gordon takes a look at some of the most common risks associated with supply chains today and provides practical tips on how to protect your business from any potential threat.
Benjamin Gordon On Emerging Supply-Chain Threats And How To Get Ahead Of Them
In this digital era, supply chains are more exposed to a wide range of emerging threats, says Benjamin Gordon. Risk management for the supply chain is the process of identifying, assessing, and controlling potential risks in order to protect the organization from losses or disruptions. Risk management covers all aspects from pre-production to post-production and ensures that organizations are prepared to face potential threats with minimal disruption to operations.
The most common emerging threat is a cyber security risk, which can result in financial loss and reputational damage if not addressed properly. Cybercriminals can gain access to confidential information through insecure networks and systems, as well as targeted phishing attacks or other malicious activities. As a result, companies should take extra steps to ensure their data is secure by installing firewalls, monitoring system activity, and training employees on cybersecurity best practices.
Another emerging threat is geopolitical risk, which can have a major impact on supply chain management. Unstable political and economic conditions in certain parts of the world can disrupt business operations and cause delays in shipments or other disruptions. Companies should monitor global events and adjust their strategies accordingly to avoid potential risks associated with volatile regions.
Furthermore, natural disasters are another type of emerging threat that organizations need to factor into their risk management plans. Hurricanes, floods, and earthquakes can all adversely affect production lines and shipping schedules. Supply chains should be prepared to manage these risks by having contingency plans in place, such as alternative sources of materials or transportation routes.
Finally, businesses must also consider the potential threats posed by new technology. Companies must stay up-to-date on advances in automation and artificial intelligence, as these can drastically alter supply chain strategies and operations. According to Benjamin Gordon, risk management plans should include ways to mitigate disruptions from technological changes while still leveraging the latest innovations.
Benjamin Gordon’s Concluding Thoughts
To get ahead of emerging supply-chain threats, organizations need to ensure they have an effective risk management plan in place. Companies, as per Benjamin Gordon, should prioritize security, monitor geopolitical events and natural disasters, and stay informed on technological advancements to minimize any potential disruption or losses resulting from these risks. According to a survey conducted by the Risk Management Society (RIMS), 94% of companies believe that risk management is essential for the success of their business. Additionally, 87% reported that they have a risk management plan in place to handle emerging threats.