Risk Management: Helping Businesses Address Supply Disruptions by Analyzing the Impact of Probable Risks | SpendEdge
LONDON--(BUSINESS WIRE)--Feb 5, 2019--SpendEdge, a well-known procurement intelligence solution provider, has announced the completion of their latest article on the The article gives a comprehensive overview of how frequent strikes, labor disputes, and inventory problems can hamper the productivity of organizations. It also highlights how identifying risks, analyzing their impact, devising risk management framework and monitoring potential risks can help businesses address possible threats occurring in the business process.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190205005697/en/
Risk management steps to improve the supply chain process (Graphic: Business Wire)
With increasing complexities in business operations, supply chain disruptions have become quite frequent. Supply chain disruptions disturb the normal flow of goods and materials and negatively impact business operations. There are various reasons such as strikes and labor disputes, inventory problems, and incorrect forecasts that contribute to supply disruptions. They hamper the productivity of organizations and impact the financial performance of companies. This necessitates companies to follow accurate risk management steps and mitigate supply chain risks.
Steps to enhance the risk management process:
Identify the risks
Identification of risks is one of the basic steps of the risk management process. It requires companies to analyze the internal history of the organization and identify the upcoming risks. Organizations can even take the help of industry experts and external research companies in analyzing and categorizing risks. These risks can be categorized into different categories such as hazard risks, operational risks, financial risks, and strategic risks.
Analyze the impact
Once the risks have been identified, organizations should analyze the impact they can create on their businesses. They should possess capabilities to measure the intensity of risks and determine the impact on the organization. Such risk management steps help companies to proactively devise a risk assessment plan and prioritize their resources effectively.
Implement risk mitigation strategies
It is one of the crucial risk management steps that companies need to address. After analyzing risks, companies should be able to devise an effective risk management plan that can address those risks. Organizations should opt for strategies that can reduce risks to an acceptable level for the organization and should only tolerate those risks which have zero or low impact in the business process.
shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions. To know more,
View source version on businesswire.com:https://www.businesswire.com/news/home/20190205005697/en/
US: +1 630 984 7340
UK: +44 148 459 9299
INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT SUPPLY CHAIN MANAGEMENT RETAIL
Copyright Business Wire 2019.
PUB: 02/05/2019 11:11 AM/DISC: 02/05/2019 11:11 AM