In today’s world, supply chains are more important than ever. They’re a key part of any business’s operations, but they can also be one of the most vulnerable areas.
From a business perspective, it’s no longer enough to simply produce and distribute your products. You also have to make sure they get to their intended destination on time, in good condition, and ready to be sold.
That means managing employees, vendors, customers, and more on one platform. And if you’re not doing that well enough, you’ll lose money fast. In fact, 89% of businesses encountered a supplier risk event in the last five years. But not all companies are prepared for this level of risk and complexity. That’s where supply chain risk management software comes in.
Having a productive and efficient supply chain is very important for a business. In supply chain management, it is essential to keep all unnecessary costly errors mitigated. However, common mistakes can happen that lead to higher overhead.
Missing opportunities that make your chain more efficient will make your supply chain sub-optimal. By locating the mistakes and correcting them, you can optimize your supply chain.
Natural disasters are never far away. Fortunately, this guide will help to protect your business from them, no matter your location.
Many small and medium-sized businesses are experiencing financial hardships during these economic times. Of course, this means that any natural disaster could potentially send them under if it was to strike.
In March of 2021 the world was astonished when a large cargo ship, the Ever Given, became stuck in the Suez Canal. Virtually everyone is oblivious to the movement of any single cargo ship around the world. However very quickly the colossal ramifications, including to investors, of this singular event became known to all.
The blockage of the Suez Canal by this one ship immediately impacted global Supply Chains. Over $9 billion per day (12% of global trade) moves through the 120 mile canal.
While the ship was freed after about a week, in the intervening time ships were debating whether to take the longer trip around the Cape of Good Hope in Africa or wait for the salvage operation. It all underscored the vulnerability of having a single point of failure in any Supply Chain.
When it comes right down to it, insurance really is all about risk management. At any moment, some unexpected event can lead to loss of some kind and in varying degrees. Sometimes that loss is related to property and other times it relates to human life.
Other times it relates to intangible assets like intellectual property and those assets that fall in between that which is tangible and that which is not, such as in cryptocurrency. Crypto does exist in the blockchain, but only as ledger entries within a wide network of global computers, and if you are the cause of someone losing what amounts to a small fortune in crypto, you could be held liable.
In recent years, the global supply chain has been under a microscope, revealing vulnerabilities and inefficiencies that were previously overlooked. One prominent trend emerging from this scrutiny is reshoring – the process of bringing production and manufacturing back to a company’s home country.
This shift, along with its cousin trend, nearshoring – moving production to neighboring countries, is reshaping the global supply chain landscape.
Running a small business can be a rewarding venture, but it’s not without its share of risks. From economic downturns to unforeseen problems, small businesses often face a variety of challenges that can threaten their stability. To navigate these challenges and protect your small business, effective risk management is crucial.
In this article, we will explore key risk management essentials and tips that can help you safeguard your small business from unexpected issues and maintain long-term stability. From leveraging specialized tools like inventory software to creating a comprehensive risk management plan and staying financially prepared, these strategies will empower you to protect your business.
Very early on in my career an associate of mine was fired because he was found to be taking kickbacks from packaging suppliers to whom he had been preferentially and inappropriately been giving business.
Most recently I have received lots of emails and messages from unknown people offering to sell me masks and other personal protective equipment (PPE) for really low prices. A cursory investigation into some of these finds that the items are substandard at best, and the commensurate price gouging during the pandemic reeks of fraudulent behaviour.
One of our most popular articles is Freight Forwarding scams. Every couple of weeks I will get an email from someone, from anywhere in the world, who has been the victim of a freight forwarding scam, and is looking for help.
All of this, and more, has caused to me consider that this is a very important, very real, and very prevalent issue. So let’s discuss Supply Chain scams and fraud.
Back in 2020, mankind had to deal with a threat it never saw coming. As COVID wreaked havoc across the globe, chaos and uncertainty shrouded over the business world.
According to the World Economic Forum, the pandemic resulted in one of the biggest supply chain crises the world has ever seen. Even today, almost three years after the pandemic started, its impact on the global supply chain is still evident.
Plant management is an integral function of the manufacturing and production industry, where it plays a role in ensuring operational success. Yet, plant managers often encounter a host of challenges that can hinder their ability to achieve excellence in their roles.
In this blog post, we will delve into the various challenges faced by plant managers and explore strategies to overcome them.
In the bustling city of Fort Lauderdale, where the ebb and flow of trade and commerce intersects with the tumultuous whims of nature, the role of insurance specialists becomes a focal point.
These experts are crucial, especially if you need a public adjuster in Fort Lauderdale, to ensure that supply chains remain resilient amid the unexpected. They operate as the unseen heroes, adeptly balancing the aspects of risk mitigation and aid in recovery.
Their expertise paints a comprehensive portrait of an indispensable role within the supply chain ecosystem, guiding businesses through the complexities of disruption and navigating insurance and supply chain challenges with a steady hand.
As Bitcoin’s dramatic increase to over $50,000 a coin sparked a massive explosion in digital currencies and pervasive curiosity in blockchain-based technology, cryptocurrency exploded into the mainstream. Bitcoin’s price has remained been increasing and interest in cryptocurrencies has remained high, creating small business risks.
Is bitcoin, on the other hand, appropriate for small businesses? Before declaring that you would support bitcoin, there are some severe concerns to remember – both technological and realistic.
In the ever-evolving realm of business, the certainty of disruptions underscores the paramount importance of proactive preparedness. Organisations need a robust strategy to navigate challenges seamlessly, whether triggered by natural disasters, cyber threats, or economic shifts.
This comprehensive exploration will delve into the extensive benefits that make business continuity software a linchpin for organisations striving to fortify their operations against unforeseen challenges.