Modern supply chains can generate overwhelming volumes of data
Which is why, alongside increased visibility, enterprises need to leverage key technological enablers to measure the efficacy of risk management components like governance and compliance structures.
This growing need is underpinned by mounting concerns around supply shortages
According to Gartner® research report, “60% of companies, regardless of size, are highly concerned about supply shortages of key raw materials and components impacting their businesses going forward.”
The Hour of Change is Now
Managing risk in sprawling supply chain networks involves balancing an extensive range of individual risk components. Growing trepidation around the lack of efficient measures in third-party networks amidst an evolving ecosystem of financial impacts necessitate robust governance and oversight on the extended enterprise. To achieve such an effective risk management framework, organizations are increasingly focusing on visibility and influence over supply chain continuity, compliance, and other material risks.
KEY REPORT FINDINGS:
“Supply chain risk management is becoming a core competency and budget line item that requires effective investments and holistic management with the potential to impact almost every stakeholder within and outside the supply chain.”
“Any supply chain setup and surface size will benefit from a holistic risk management approach that balances technology, resource, and process reengineering investments. In its core, it maximizes resilience and agility.”
“The 2021 Gartner Supply Chain Risk and Resilience Survey found that visibility improvement was one of the top three most important areas of improvement to supply chain risk management at 70% (and 83% among enterprises that have revenue above 1 billion). Forty percent of respondents mentioned it as the top area of improvement.”
“Balancing the funding into the most effective resilience and risk management strategy is pivotal.”
*Source: Gartner, Supply Chain Goes Full Tilt Into Risk Management, Koray Kose, Cian Curtin, 14 December 2021
When it comes to the primary considerations for supply chain risk management, the scope of gaining competitive advantage is maximized. This is especially true in this age of unprecedented, rapidly evolving supply chain dynamics. The following Gartner research report focuses on strategic improvement of supply chain resilience and agility to help enterprises navigate such a disruptive landscape.
To know more about the areas that determine the enterprise’s ability to pivot in the face of risk, register for complementary access to the Gartner research report.