A business continuity plan is a strategy to ensure that a company can maintain its core business processes in all circumstances. For companies that rely on a supply network, it is crucial to ensure that supply chain risk management is part of the business continuity discussion.
According to the Business Continuity Institute, companies who experience supply chain disruptions also commonly experience resulting negative consequences such as an increased cost of working, a loss of revenue, damage to brand reputation and more. To mitigate these effects—or perhaps even avoid them entirely—a full-fledged supply chain risk management program is an absolute necessity.
To have the most effective business continuity plan possible, make sure it addresses the risk in your supply chain.