3 core risk management steps
Supply chains around the world are struggling as they face major shifts to production, the movement of goods and modes of transport. COVID-19 is also hitting some industries with unprecedented demand, making it hard for supply chain managers to know where to prioritise and how to respond.
Jake Rheude, the Director of Marketing for Red Stag Fulfilment has identified three core risk management steps to take in your supply chain right now.
- Monitor Various Factors
The first step in optimising supply chain monitoring is expanding what factors you monitor. Any data analytics services you use will be most effective if you have more information available to measure. To get the most out of your monitoring systems, you should start measuring influential components before any product leaves the warehouse.
- Consolidate Your System
When you’re monitoring so many different factors, it’s easy to use various systems to handle the data. But while you should diversify your data points, the same isn’t true of how you process the information. A centralised data analysis solution will be more user-friendly and informative.
- Communicate Results
The wealth of data you acquire isn’t worth much if you don’t communicate it. Communicating data is especially important in the supply chain, where quick adjustments are often necessary to avoid disruption. Establishing proactive measures to handle potential hazards is a must, but you also need to prepare to handle unforeseen obstacles.
With enough monitoring, you’ll see substantial growth in your supply chain. Global-scale logistics may be complicated, but you can manage it by using available technology. Thoughtful implementation, along with robust management strategies, will increase supply chain visibility and improve profits.