LONDON--(BUSINESS WIRE)--SpendEdge, a leading provider of supply market intelligence solutions, has announced the completion of their new article on the importance of supply chain risk management and the ways to improve them. The article is now available for free download and will help you gain a comprehensive overview of how supply chain risk management can proactively detect risks and maintain business operations.
The article also offers detailed insights on how companies can continue to run their operations smoothly without facing any losses by making themselves aware of potential risks. It also covers how supply chain risk management can proactively identify risks preventing companies from getting their products delivered to customers on time and determine solutions to manage those risks.
Best practices for supply chain risk management:
Best Practice 1: Innovations in contract management
Adapting newer styles of contract design enables procurement teams to execute well-drafted agreements. Companies streamlining contracts by negotiating old-style “legalese” contracts are successfully able to reduce contracting cycle time and improve procurement efficiency.
Managing risks occurring in the supply chain require a great deal of market expertise. Request a free demo and leverage our customized supply chain risk management solutions.
Best Practice 2: Supplier insurance and limitations of liability
While working with external suppliers, businesses should ensure to include provisions of protections by limiting liabilities and insurance of suppliers in the contract. It acts as a buffer of protection to companies against direct or indirect claims made by suppliers. For detailed insights, request for more information.
Best Practice 3: Visibility of suppliers’ financial stability
Companies lack the information needed for gaining adequate visibility into the financial stability of their suppliers. They simply possess the information voluntarily submitted by suppliers. Leveraging financial stability data provided by credit rating agencies can help procurement teams to address potential supply chain failures and gain better visibility in supplier's financial stability.
To know the best practices for supply chain risk management, download the complete article here.
About SpendEdge:
SpendEdge 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.
Request free proposal to know more, https://www.spendedge.com/request-free-proposal
