Supply risk management has never been as important to sourcing and procurement executives as it is today. Of course, managing disruptions has always played a prevalent role in assuring an agile, successful pipeline. But the relevancy of this responsibility cannot be understated, especially when considering the impact of all the black swan events we've seen in the last 20+ months.
Organizations everywhere have gone to great lengths to manage the effects of these upheavals, and it seems as though a few might finally be finding some relief. Agility, flexibility, and resiliency have all been the names of the game, and those enterprises that managed to react swiftly to the unprecedented risks have been applauded accordingly.
But what if we told you that swift reaction isn't all for which you should aim? What if there are other areas of your process that deserve just as much attention and effort?
Acting Swiftly Isn’t Enough
By now, it’s become clear that adaptability is one of the key hallmarks of a successful enterprise. At the onset of the pandemic, organizations strived to pivot and react quickly to the volatility presented to them. The ones that were able to do so came out relatively unscathed. But as we approach the two-year mark since COVID-19 entered the picture, it’s safe to say that most organizations have folded risk management into their everyday supply management processes.
And this begs the question: if your enterprise is taking the same measures as your competitors (in this case, fostering a culture of agility and adaptability), are you really positioned to get ahead? Or, are you simply getting by?
Prediction: The Secret Key to Success
To truly carve out a competitive position in your field, you need to be able to predict potential obstacles rather than reacting once they're at your front door. By knowing which avenues or events could pose a threat to your supply chain, you can take steps to mitigate an issue altogether.
In the past, seeing into the future was considered impossible. But with revolutionary, AI-powered solutions like LevaData’s Supply Risk Navigator, organizations can transcend from simply reacting to preventing obstacles altogether.
This technology enables businesses to predict future risks and take the required precautions to avoid them. Furthermore, the insights provided by SRN show users how to transform risks into advantages by lowering costs, reducing lead time impacts, and becoming the "customer of choice" for suppliers by being the first to act with them on a plan.
Your organization may not have a crystal ball or a psychic on retainer. But with the right platforms and solutions, you won't need them.
Discover what LevaData's leading-edge, AI-powered platform can do to level up your organization's supply risk management strategies. Learn more about our integrated platform here, and connect with us today to get started.
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