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In February, Klaus Niebur, the director of global supply chain riskmanagement at Autoliv, and Jan Thiessen, the managing director at targetP!, spoke on best practices on supply chain riskmanagement at ARC Advisory Group’s Digital Transformation in Industry conference. The implementation was not trivial.
For a more comprehensive explanation of best practices in supplier riskmanagement you can view the full video of the presentation here. Because of the pandemic, riskmanagement surrounding sourcing has become top of mind in supply chain organizations. Supplier RiskManagement in Periods of Crisis.
Because of the pandemic, riskmanagement surrounding sourcing has become top of mind. Companies need to ensure they have alternate sources of supply that can ramp up to the volumes needed. The post If Multi-sourcing is a Best Practice, Why Are so Few Companies Doing It? appeared first on Logistics Viewpoints.
Supply Chain RiskManagement Solution from riskmethods. If I was asked to vote for the most interesting solution set that has come to the fore over the last few years, my vote would be for supply chain riskmanagement solutions. Supply Chain RiskManagement Vendors. AGCO Stayed Nimble during the Pandemic.
Direct materials sourcing is evolving, with procurement now tasked not only with cost efficiency but managing sustainability and riskmanagement. The environment is marked by heightened demand and expectations, compounded by challenges such as rising input prices, supply chain disruptions and geopolitical tensions.
These are the top challenges that are driving increased interest in and demand for consulting and managed services. Market Volatility Continues to Undermine Supply Chain RiskManagement. Increased Throughput Generates a Need to Manage by Exception. Limited Granularity of Data Leads to a Lack of Actionability.
Ted Krantz, CEO of Interos Interos , a company providing supply chain resilience and riskmanagement software, emailed me to say that there was a supply chain risk everyone seemed to be ignoring – AI-related risks. It is well known that ChatGPT can hallucinate. Is the information from these websites factual?
The Mint staff adds, “Supply chain risk is a modern day reality and can emanate from a variety of sources, ranging from natural disasters to government policies and a host of other unforeseen events.”[2] In other words, good riskmanagement can provide a significant competitive advantage for businesses.
Strategic sourcing and innovative solutions are often viewed as two distinct procurement tools, but they should not be seen in isolation. Strategic Sourcing: The Foundation of Effective Procurement Strategic sourcing is far more than simply choosing suppliers. Done well, it can become a key driver of competitive advantage.
Why Download: Identify and assess critical supply chain risks Ask the right questions to evaluate vendor preparedness Implement effective strategies to reduce vulnerabilities Improve communication, transparency, and coordination across your network What You’ll Learn: How to evaluate and monitor suppliers for resilience Tips for diversifying sourcing, (..)
states, obvious disruptions to supply chains and supply chain riskmanagement were a given. The post Supply Chain RiskManagement: Could You Face a Category 4 Supply Chain Disaster? Many of the states affected contained key ports and supply destinations, as well as transportation and logistics hubs.
The company, heavily invested in Canadian manufacturing, faced a crisis because its raw materials were sourced from outside North America, disqualifying it from USMCA tariff exemptions. Design product flexibility to include materials sourced for US and non-US markets or quickly adapt to different sources of materials.
It emphasizes the importance of cost savings, supply base rationalization, riskmanagement, strategic foresight, and supplier collaboration. The primer also highlights the impact of technology, climate change, human migration, shifting consumer demands, and trade uncertainties on supply chains.
In today’s interconnected world, ethical sourcing has transitioned from a “nice-to-have” to a critical imperative for businesses across all sectors. The global market for sustainable products is projected to reach $150 billion by 2025 , indicating a robust demand for ethically sourced goods across various sectors.
Did you know that implementing generative AI reduces sourcing cycle times and allows for faster decision-making across procurement operations? The paper highlights real-world examples and use cases that demonstrate generative AI's transformative effects on operational efficiency, riskmanagement, and cost reduction.
This enables companies to adjust sourcing, production, and logistics well in advance of potential disruptions. Amazons AI-Driven Supply Chain Planning Amazon has integrated AI throughout its supply chain to improve demand forecasting, logistics, and inventory management.
In order to effectively managerisks in the current unstable global marketplaces, many suppliers have a thorough understanding of their own suppliers as well as supply chain bottlenecks that extend past the top tier of suppliers. This means involving procurement in the highest levels of strategic planning and decision-making.
Edge Hardware: The battle for edge hardware also intensified in 2024, as companies sought to deploy AI capabilities closer to the source of data. ChatGPT Search : This feature gives users a way to get answers from relevant web sources.
Third-party RiskManagement (TPRM) within Services organizations, especially Financial Services (FSI), has become critical over the last few years. Some of this is due to regulation but a lot is simply due to the increase in risk occurrences of varying types and the increasing complexity of third- party relationships.
In Part One of the series , Michael observed that standard sourcing solutions struggle in efforts to support direct materials sourcing because of specific challenges in the software design and why. He further indicates: A CFOs role in tariff riskmanagement goes beyond just financial oversight.
Learn the best practices for supply chain riskmanagement in 2024 from Resilinc, the gold standard for supply chain resiliency. As riskmanagers audit their vendors and programs at the start of the year, it’s also time to clean up old strategies and supply chain practices. Out with the old and in with the new!
Reducing cost was the primary objective, and most operational decisionsfrom sourcing to fulfillmentreflected that mindset. Leading organizations are building supply chains that are less exposed to single points of failure, more informed by real-time data, and more able to adjust sourcing, inventory, and routing based on current conditions.
Learn how implementing an Enterprise RiskManagement framework can help your company on the journey to operational resilience. Businesses have started to see riskmanagement as a necessary facet of running a successful company. market size for riskmanagement was valued at $0.44 In 2022, the U.S.
Thirdly, all the COVID supply disruptions brought home the need for better supply chain riskmanagement. Riskmanagement had been a hard sale. Companies typically embrace improved supply chain riskmanagement after a disaster – after the horse had already fled the burning barn. They are not.
Risks in halal supply chains The halal integrity of a brand (and its products) is a function of its supply chain, where a breakage in halal integrity anywhere in a supply chain becomes a breakage of its halal integrity. Halal riskmanagement is essential for trust in halal certified brands.
When it comes to supply chain riskmanagement, however, vigilance is always required. ” This reality motivated Rosemary Coates , Executive Director of the Reshoring Institute and President of Blue Silk Consulting, to ask, “Are you really managingrisk?”[2] ” Stuff Happens.
Customer service, parts shortages, unprecedented inventory growth, and warrant management can actually take up internal sources and affect profit margins. Source: Vietnam Briefing. Ecommerce businesses are being overwhelmed by these concerns. This makes it difficult to focus on the business itself. Organizing a visit.
Supply chain riskmanagers have a dilemma. Journalist Thor Benson reports that tuning out bad news might be good for their mental health; however, riskmanagers know tuning out bad news wouldn’t be good for business. Missed opportunities are another equal source of extraordinary risk.
Supplier Management solutions have garnered significant recognition in the procurement industry for their innovative approach and substantial business benefits. One of the most transformative tools in this regard includes, digital sourcing or also referred to as, e-sourcing applications.
How is AI changing supply chain riskmanagement , and what does it mean for the future? Arjun Mehta: How is AI impacting supply chain riskmanagement? But we boil everything down to risk scores so that you don’t have to be an accountant to know that there’s a financial health issue with a vendor.
RateView Analytics: DAT helps manage transportation costs with accurate market data, allowing shippers to set realistic budgets and adjust rates during volatile conditions. Network Analytics: Shippers gain granular visibility into capacity, helping them optimize sourcing and manage their transportation network more efficiently.
Herculean efforts by Procurement and Supply Chain departments to keep supplies flowing have prevented even more extreme disruptions than what we’ve experienced, but have inadvertently created additional risks. . Taking a category view often means little more than ensuring alternate sources are available.
Strategic Sourcing Simplified: Best Practices for Maximizing Value Strategic sourcing goes beyond cost savings its about making informed decisions that drive long-term value. Now well dive into best practices in these critical areas to ensure a more effective and resilient sourcing strategy.
In this blog, we explore the different types of predictive AI models for supply chain riskmanagement. Currently, Resilinc uses several predictive AI models in tracking purchase orders (POs) and commodities, autonomous mapping, risk-scoring models, and simulators. Welcome to part three of our AI in Supply Chain blog series.
This venture’s success will be closely watched, not only for its implications for Amul but also as a source of inspiration for other Indian brands aspiring to foray into the international arena. Its recent launch in the US is a bold step toward establishing a strong foothold in the international dairy market.
Ocean RiskManagement part 2: Navigating Global Shipping Alliance The shipping industry continues to evolve. Additionally, we examine the decision between using a carrier or a Non-Vessel Operating Common Carrier (NVOCC) as a vendor and how this choice can impact riskmanagement.
” There are, however, some well-known dragons supply chain riskmanagers will continue to encounter. The CNW Group reports, “Three quarters of businesses worldwide are overhauling their supply chains by working with more rather than fewer suppliers to mitigate risks in an increasingly fragmented global environment.
Only then can they determine the ideal location for sourcing — not just those that seem most convenient. He concludes, “Ultimately, risk monitoring is only as good as the data that drives it.” 3] Matt Gunn, “ Supply Chain Risks Come from All Sides ,” IndustryWeek, 17 October 2018. [4]
Managing exceptional risks requires insights and visibility of key information – this gives you the ability to minimize the impact of these unexpected, yet huge disruptions. It is a necessary part of supply chain riskmanagement. Contingency plans and supply chain riskmanagement.
Do you ever get confused when people use the terms supply chain riskmanagement (SCRM) and supply chain resilience? When you break down these two concepts into their various components, both involve mitigating risks in your supply chain—such as extreme weather , ESG risks , and geopolitical risks.
From AI-powered logistics and demand forecasting to generative AI in autonomous sourcing, the discussions emphasized practical implementation and measurable outcomes. Learn more in our eBook Agentic AI Supply Chain RiskManagement: A New Era of Autonomy and Agility.) What is agentic AI?
What is Source to Pay (S2P)? Yet in the case of source to pay, it is wholly justified. That said, many organizations, including large enterprises, may not think in terms of source to pay as an end-to-end process, if they think about it at all. Yet there are good reasons to do so.
To strengthen resiliency, companies invested in AI and machine learning, made strides to reduce dependency on single sourcing, and prioritized nearshoring and reshoring efforts. Incorporating a supply chain riskmanagement program can prevent millions of dollars in losses and backlogs from factory fires.
It’s the key to transforming your supply chain from a source of frustration into a well-oiled, profit-generating machine. Implementing Data Analytics for Supply Chain Success Data analytics transforms supply chains with precise insights and real-time monitoring by bringing together multiple data sources. The result?
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