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How can retail operations manage supply chain risks?

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Supply chain risks are the potential disruptions or losses that can affect the flow of goods and services from the source to the customer. Retail operations depend on efficient and reliable supply chains to deliver products, meet customer demand, and maintain profitability. However, supply chain risks can arise from various factors, such as natural disasters, geopolitical events, cyberattacks, supplier issues, or demand fluctuations. How can retail operations manage supply chain risks and ensure business continuity and resilience? Here are some strategies to consider.

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1 Identify and assess risks

The first step to manage supply chain risks is to identify and assess the possible sources and impacts of disruptions. Retail operations should conduct a risk analysis of their supply chain network, including their suppliers, distributors, logistics providers, and customers. They should evaluate the likelihood and severity of different scenarios, such as delays, shortages, quality problems, price changes, or compliance violations. They should also consider the interdependencies and vulnerabilities of their supply chain partners and processes.

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Erik Bergeman

Business Development and Sales Executive at Arrant Technologies
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There will always be risks. The question for Retailers is what risks are acceptable and what are not. Retailers are not known for buying insurance. Key considerations: Multi-vendor sourcing Regional alternatives Diversifying Regional Sourcing

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2 Develop contingency plans

The second step to manage supply chain risks is to develop contingency plans for different risk scenarios. Retail operations should prepare alternative solutions and actions to mitigate or recover from disruptions. For example, they could diversify their supplier base, stockpile inventory, secure backup transportation modes, or switch to digital channels. They should also communicate and coordinate with their supply chain partners and stakeholders to ensure alignment and transparency.

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3 Monitor and review risks

The third step to manage supply chain risks is to monitor and review the performance and status of their supply chain network. Retail operations should use data and technology to track and measure key indicators, such as inventory levels, delivery times, quality standards, customer satisfaction, and profitability. They should also use analytics and intelligence to anticipate and respond to changing market conditions, customer preferences, and competitive threats. They should also review and update their risk analysis and contingency plans regularly to reflect the current and future state of their supply chain.

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Mouad Idrahou

Retail GTM & Operations Manager | Training Manager
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Yes, indeed Managing supply chain risks is a crucial task for any business. For instance, a disruption in the supply of raw materials can affect the production and delivery of goods and services, leading to customer dissatisfaction and financial losses. Therefore, it is essential to identify and mitigate all the potential sources of risk, such as natural disasters, geopolitical conflicts, especially if we are talking about high scale international supply chains also cyberattacks, and supplier failures. By doing so, a business can ensure the continuity and quality of its operations, as well as its reputation and profitability.

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4 Invest in resilience

The fourth step to manage supply chain risks is to invest in resilience, which is the ability to withstand and adapt to disruptions. Retail operations should build resilience into their supply chain network by enhancing their flexibility, agility, and innovation. For example, they could adopt lean and agile principles, leverage digital technologies, foster collaboration and trust, or create new products and services. They should also cultivate a culture of risk awareness and preparedness among their employees and supply chain partners.

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Jane Webb

Experienced Senior Account Manager | Sales Strategies, Omnichannel Retail
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A comprehensive DOM/OMS is an investment to consider if you have multiple stores, DC's and/or online presence. By being able leverage the entire inventory across all channels, whether is in a DC, on a store shelf or online store, even drop ship directly from the supplier, every channel has access to promise the merchandise. You can ensure that even if the channel/location your shopper is using doesn't have the inventory, you fulfill the shoppers requested merchandize they want even if it is the last one on the other side of the country.

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5 Learn and improve

The fifth step to manage supply chain risks is to learn and improve from their experiences and best practices. Retail operations should collect and analyze feedback and data from their supply chain network to identify the root causes, effects, and lessons of disruptions. They should also benchmark and share their performance and practices with their peers and industry standards. They should also implement continuous improvement initiatives to enhance their supply chain processes, capabilities, and outcomes.

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6 Manage supply chain risks

Supply chain risks are inevitable and unpredictable, but they can also be managed and reduced. Retail operations can use these strategies to manage supply chain risks and ensure their business continuity and resilience. By doing so, they can also create competitive advantages, customer loyalty, and long-term value.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can retail operations manage supply chain risks?

1

2

3

4

5

6

7

1 Identify and assess risks

2 Develop contingency plans

3 Monitor and review risks

4 Invest in resilience

5 Learn and improve

6 Manage supply chain risks

7 Here’s what else to consider

Retail Sales

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How can retail operations manage supply chain risks?

1

2

3

4

5

6

7

1 Identify and assess risks

2 Develop contingency plans

3 Monitor and review risks

4 Invest in resilience

5 Learn and improve

6 Manage supply chain risks

7 Here’s what else to consider

Retail Sales

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