Globalization has transformed the supply chain over the past few decades, connecting manufacturers, suppliers, and buyers all over the world together in a single marketplace. As shipping and transportation infrastructure improve, more and more companies have become reliant on international sourcing. Now, after a global pandemic and unprecedented inflation, the global supply chain is breaking down, forcing companies in every industry to take a new approach to their own supply chains.
In this “volatility, uncertainty, complexity, and ambiguity (VUCA) supply chain,” the No. 1 goal of every company should be to improve resilience. But what does resilience look like, and how do you achieve it? In this blog, we’ll cover the challenges manufacturers are facing, as well as the best practices and technology to mitigate risk.
Every company has a number of weaknesses or gaps in their processes, systems, and networks that leave their supply chain vulnerable to disruption. Disruption can occur from any event or circumstance, including natural disasters and geopolitical conflict, as well as cybersecurity attacks, staffing shortages, supply unavailability, and broken shipping routes. Every single vulnerability can create delays, material loss, and other risks, resulting in unfilled orders or poor customer experience — all of which cost money to correct.
Manufacturers need to identify and remove vulnerabilities from their supply chains wherever possible. Here’s how:
Effective supply chain management encompasses a number of departments and platforms. In order to optimize processes, it’s imperative for every stakeholder to be using the latest generation of technology, and for all of the different software platforms to communicate with one another.
Revalize is an enterprise software provider offering a number of innovative solutions for the entire idea-to-cash journey in a single ecosystem. If you need help managing supply chain risks, Revalize has a number of solutions available — all able to integrate seamlessly with your existing technology. Get in touch with our team to learn more.