Identify potential risks and assess their probability and impact on the supply chain. Conduct a risk assessment and evaluate the likelihood and potential impact of various risks
Avoid dependence on a single supplier by diversifying the supplier base, especially for critical components or raw materials. This will reduce the impact of supply disruptions
Develop a contingency plan that outlines the actions to be taken in the event of a supply chain disruption.
Build strong relationships with suppliers to increase transparency, communication, and collaboration. This will help in identifying potential risks and developing mitigation plans
Implement supply chain visibility tools to monitor the supply chain and identify potential risks in real-time.
Invest in building supply chain resilience by developing redundant systems, increasing inventory levels, and developing alternative transportation routes
Educate employees on the importance of supply chain risk management and encourage them to report any potential risks or disruptions