The weakest link
It’s important to manage your supply chain continuity and risks at any time, but this is particularly relevant in times of economic downturn or instability. You only have to think of some of the big names that have disappeared in recent times to realise that we can no longer assume our suppliers’ businesses are as robust as we’d like them to be.
Depending on the business you’re in, the impacts of supply chain failure can range from irritating to catastrophic. So it’s important that we understand these impacts and, where possible, mitigate the risks through contingency planning or other means.
Whether you have an established supply chain or are considering outsourcing certain functions, you’d be wise to have a serious think about your own particular supply chain dependencies and carry out some targeted business impact and risk assessments. And you’d be wise to do so sooner rather than later.
There’s enough doom and gloom around at the moment. Don’t add to it by overlooking the effect that someone else’s misfortune could have on your continued well-being.