LONDON--(BUSINESS WIRE)--SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest article on the key risk mitigation strategies for companies to better manage supply chain operations and impact of COVID-19.
Amid the coronavirus pandemic, companies necessarily need to devise risk mitigation strategies to address supply chain disruptions. It is an unprecedented risk that has created numerous challenges for companies involved in global sourcing. Constrained supplies could cause declines in demand, impacting the commodity prices in different markets. Companies require insights that can help them make informed sourcing decisions, respond effectively on multiple fronts and safeguard their operational viability.
At SpendEdge, we understand that improving supply chain operations and management to reduce the impact of COVID-19. Therefore, we have highlighted the key risk mitigation strategies. Risk Mitigation Strategies to Better Manage Supply Chain Operations.
Risk Management Strategies to Better Manage Supply Chain Operations
Build a transparent supply chain
To determine the critical components for operations, companies must create a transparent view of a multitier supply chain. They must review bills of materials (BOMs) and catalog components to identify products that are being sourced from high-risk areas and lack ready substitutes. Based on the location of suppliers, they must identify the risk index for different commodities to be sourced. To reduce the impact of COVID-19, the risk of interruption from tier-two and onward suppliers should also be analyzed.
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Analyze inventory
Companies do not realize the inventory they hold in their value chains. Estimating the available inventory could help companies to find ways to keep the production running and minimize the impact of halted production occurring due to coronavirus. This will help companies improve capacity planning during the ramp-up period. To know the key categories to include, get in touch with our experts now!
Predict final-customer demand
As demands for certain products may vary substantially, businesses must conduct an exquisite analysis of final customer demand. They should study the demand patterns of immediate customers and determine the necessary supply. The result of the same should also be integrated into the planning of supply chain operations. Predicting final-customer demand will facilitate the creation of effective risk mitigation strategies for companies.
How SpendEdge’s Services Can Help You?
- Identify risks associated with supply chain at a country level
- Identify risks related to suppliers, overall market, and regulatory norms
- Identify ways to deal with these risks successfully
- Understand the current scenario and better manage supply chain operations.
- Analyze the impact of the virus on the overall supply chain and areas
To minimize the impact of COVID-19 and develop winning risk mitigation strategies for your business, reach out to our analysts now!
You may also like:
- Reducing the Risk of Supply Chain Disruptions in the Wake of COVID-19 Outbreak
- Strategies to Minimize the Impact of Coronavirus on Supply Chains
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.
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