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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.
Continue reading “Protect Your Business From Flooding (and other Natural Disasters)!”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.
Do you have a single point of failure in your Supply Chain?
Continue reading “The Single Point of Failure in Supply Chain – The Suez Crisis!”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.
Continue reading “Understanding the Role of Insurance in Risk Management for Startups!”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.
Continue reading “Supply Chain Trends in Reshoring: Bringing Production Closer to Home!”In today’s interconnected world, securing critical infrastructure is paramount to safeguarding national interests and ensuring the uninterrupted flow of goods and services.
The Security of Critical Infrastructure Act (SOCI) represents a pivotal legislative framework designed to fortify the resilience of vital systems against emerging threats. Within this framework, supply chains emerge as a focal point for bolstering security measures, given their intricate network of dependencies and vulnerabilities.
Continue reading “How Data Analytics Boost SOCI Compliance in Supply Chains!”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.
Continue reading “Risk Management Essentials: Tips for Safeguarding Your Small Business!”Unexpected disruptions like road accidents can wreak havoc on supply chains, leading to significant financial and operational setbacks. Therefore, companies must adopt robust risk management strategies post-accident to stay resilient.
This article explores essential risk management steps – from building contingency plans and leveraging technology to fostering supplier relationships and empowering teams – that ensure continuity amidst the chaos.
Understanding these approaches enables businesses to mitigate risks effectively and bounce back stronger after disruptions.
Continue reading “How to Improve Risk Management in Supply Chain Post-Accident!”
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.
Continue reading “Supply Chain Scams and Fraud!”When it comes to the topic of water damage, there’s a crucial need for knowledge sharing and personnel training. A big part of supply chain disruption mitigation is actually rooted in awareness.
To put it simply, you cannot resolve a problem you are not aware of or do not fully understand.
Continue reading “Mitigating Supply Chain Disruptions from Water Damage!”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.
Continue reading “Growing Your Insurance Agency in the Era of Frequent Supply Chain Crises!”Managing a supply chain involves navigating a maze of complexities and uncertainties. From natural disasters to economic fluctuations, countless factors can disrupt your operations.
To stay ahead and maintain resilience, it’s essential to implement effective risk management strategies.
But where do you begin?
If you focus on five crucial steps – identifying potential risks, assessing their impact and likelihood, developing mitigation strategies, investing in technology, and continuously monitoring and reviewing – you can safeguard your supply chain against numerous threats.
Let’s delve into these steps to see how they can fortify your business.
Continue reading “What Steps are Crucial for Supply Chain Risk Management?”No matter your sector, it always helps to ready your business for a season like winter or summer, as you never know how they will turn out. Summer can be full of rain, and winters can be unseasonably warm.
Even the slightest changes can impact how much foot traffic your business has, and online sales aren’t invulnerable either. So, how do you manage a company through a specific season rain or shine? From marketing to insurance, here are some vital tips to get started.
Continue reading “Ready Your Business For a Season Through Rain or Shine!”Change is inevitable in modern supply chain management, and risk management is essential to success. Supply Chain risks evolve and become more prevalent with time.
Risk management strategies of yesteryear are ineffective in the changing landscape, and no type of transport can avoid risks.
Risks exist in land, air and ocean freight. They’re inevitable and unavoidable. Poor grasp of hazards in your supply chain will increase freight spend and diminish brand value.
Understanding the top 10 global supply chain risks can work to reduce their impact.
Continue reading “Top 10 Global Supply Chain Risks”In today’s global economy, supply chains are an essential component to the success of many businesses. Ensuring that these complex networks operate smoothly is a top priority for companies.
However, there can be numerous risks and disruptions lurking within supply chains, potentially leading to significant financial losses.
Continue reading “Securing Supply Chain Insurance Against Disruption and Losses!”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.
Continue reading “Common Challenges for Plant Managers: Navigating the Path to Operational Excellence!”
