Published July 29, 2014
By Tompkins International Staff
When some of us hear the words risky business, we might think of Tom Cruise’s infamous movie (tube socks sliding across the floor and all).
But there is risky business to think about with supply chains too, and it’s a subject that supply chain leaders aren’t talking about enough these days. Managing risks and recovery is a critical element of your supply chain planning.
Our new report, Risk Management and Recovery, peels back the layers to today’s greatest supply chain risks, mitigation strategies, and recovery plans. The report is based on a March 2014 survey by Tompkins Supply Chain Consortium, so it guarantees a realistic perspective into what current companies are really doing and thinking.
Interestingly, the survey reveals that today’s top external sources of risk are: market changes, raw material availability/commodity price fluctuation, and weather/natural disaster disruption. Specialized skill sets/employee expertise is the greatest supply chain risk to current operations, according to those surveyed.
Download the report for further insights into this topic, including a time-to-recover questionnaire and a risk assessment. Do you agree with the top sources of risk? What are you seeing as the top risks at your organization and what is your recovery plan?