How to Remove Risk in Your Supply Chain

How to remove risk from your supply chain

Updated May 5, 2023
By Kevin Fitzgerald | Vice President of Sales

If there is one main takeaway from the pandemic, it has to be the importance of supply chain strength. From toilet paper to hand sanitizer, we kept seeing stories in the news about shortages. However you come at it, COVID put a spotlight on risk mitigation in supply chains. Now, how do you move forward?

Step 1: Build a plan

Develop a team that can create and document a plan around risk mitigation and give them authority to make decisions based on that plan.

Step 2: Have options

Develop a good, better, best line of approved options. For example, a 3mil glove may not be ideal, but it is better than nothing.
Having a set of acceptable alternatives pre-approved means that your supplier can go after items that will work for you when supply constraints are present on “best” options.

Step 3: Take action

Be prepared to take action and get your partners and all stakeholders involved when a disruption occurs.
The earlier you can react the better. (And having that plan from Step 1 allows you to react a lot earlier.)
Practice if needed. Don’t be afraid to run a simulation within your organization, especially if the risk you face is reoccurring.

Step 4: Communicate

This may be the most important part: Communicate before, during, and after a disruption.
Communicate the plan to all parties involved before. This allows for each department and supplier to create a plan and be ready.
Communicate during. This can be extremely difficult but also necessary to make sure everyone knows what the organization is doing. It helps to reiterate the message over and over again.
Communicate after. When possible, have an “After Action Meeting” to discuss what went well and what did not go so well. This allows you to be better prepared for the next risk.

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