What are the key strategies and considerations for mitigating supply chain risks in the digital age? To identify the same, we spent an evening with a few experts in the retail domain.
We learned that the seamless integration of IoT devices facilitates the continuous tracking and monitoring of goods throughout the entire supply chain, offering valuable insights into product location, condition, and potential delays.
Top retail companies these days utilize IoT technologies in their supply chain operations, enabling real-time tracking and monitoring of inventory. Prompt data ensures efficient logistics and timely deliveries to customers. This level of visibility and control has greatly enhanced their supply chain management, enabling them to meet customer expectations and maintain a competitive edge in the market.
While these advancements offer numerous benefits, they also bring forth a new set of risks that can disrupt operations and threaten the resilience of the entire supply chain. Therefore, effectively managing supply chain risk has become a critical priority for businesses. In fact, the global supply chain risk management market size is expected to reach $24.1 billion by 2026, reflecting the increasing importance of managing supply chain risks.
The discussion revolves around the idea of how to implement robust risk management strategies, such as diversifying suppliers, maintaining contingency plans, and leveraging data analytics for early risk detection, so businesses can proactively mitigate potential disruptions.
It, in turn, ensures the continuity of their supply chain operations. According to a survey by PwC, 83% of organizations with advanced analytics capabilities reported improved supply chain visibility and risk management.
Intrigued to find out how you can manage supply chain risks in this digital age? Watch this panel discussion now: