1. Have your production processes changed in the last 10 years, or will they change in the next 10? Hint: If you’re sourcing in emerging markets, experiencing changes in the level of value creation, taking on digital transformation initiatives or reducing suppliers—the answer is yes! And, if so, have you adjusted your risk management strategy to reflect those changes?
- There are 3+ critical earthquakes each day
- There are 13 supplier insolvencies per hour—just in Germany
- Every 54 hours an automotive supplier is hit by a fire (affecting an average of 3+ riskmethods customers)
Is risk management important to you?Here are 3 risk management questions you should ask yourself if you don’t want to cost your business a fortune (or if you want to save your job!):
2. We know you have great supplier relationships. But the real question is: Do you believe that you’re going to be their first call when they experience a fire or explosion (for example, before the fire department—or a competitor)?
3. How much money did your company spend last year for emergency logistics—and when will you exceed that number this year?
IMAGINE....supply chain disruptions won’t put the brakes on your profits.
These three questions cover some of the critical weaknesses in many supply chain risk strategies, and the wrong answers can lead to hugely expensive, disruptive or even terminal results for your organization—and your career. Do YOU have the right answers?