Supply chain management: How to be resilient in the future

Multinational companies with global supply chains face a complex range of challenges related to the social and environmental impact of its entire value chain. As consumer and shareholder expectations continue to increase, brands struggle to improve visibility and control over the production of products.?

A supply chain encompasses the entire process of bringing products and services from conception to delivery. It involves a network of suppliers, manufacturers, distributors, retailers, and clients. The flow of materials, information, and finances within this network creates a dynamic and complex system that demands careful management.

Effective supply chain management faces numerous challenges, ranging from demand variability and geopolitical uncertainties to environmental concerns and regulatory changes. These challenges can disrupt the flow of goods and services, leading to delays, increased costs, and potentially a negative impact on customer satisfaction. Continued challenges with public health issues, inflation, intensified geopolitical tensions, labor and product shortages, natural disasters, and cyber vulnerabilities create tension for supply chain management.

Understanding and properly mitigating risk in your supply chain is paramount in today’s environment. BSI has dedicated teams to help organizations manage its suppliers.

Understanding your risks

Which suppliers pose the biggest risk in your supply chain? What countries or product categories are more suitable to disruptions?

Understanding risk is the first step in mitigating it. From the likelihood and consequences to the cost of disruptions, companies should find a methodology to fit its needs.?

BSI Connect Screen allows you to take control of your supply chain. This is a global intelligence software that tracks and monitors risk and streamlines the audit process flow. Experience data-driven power as it focuses on the globe's biggest threats, helping organizations build trust and resilience.

This vast database spans over 200 countries and 26 risk ratings. In addition, BSI has harnessed geographic risk data and real-time analysis to provide visibility and compliance tracking. BSI takes the guesswork out of your supply chain management issues. Check out this video for more information!

A Holistic view of risk

Most companies manage its supply chain risks in a few categories. Often, the focus is on quality or product safety. More recently, the social component has required companies to ensure suppliers don’t employ child labor, follow local labor laws, etc. Currently, the spotlight has been on greenhouse gas emissions of an entire supply chain.

Some less-discussed factors can have major impacts on an organization. Some recent controversy includes health and safety (and mental health) in factories in the far East; or hacking attacks resulting in millions of dollars of losses initiated by a breach from a supplier.

PAS 7000 – a BSI Public Available Specification is available free of charge to download and can support organizations identify risk in a more holistic way. PAS 7000 is intended to establish a supply chain information model that will be of relevance to procurement, compliance, legal, and supply chain professionals in organizations of all sizes anywhere in the world. ?

How we can help

Today’s supply chains are longer and more complex than ever and contain a vast range of risks. BSI is a leader in global risk management and is placed to help mitigate those risks – both the ones you already recognize and the ones you don’t yet know about.

BSI offers a sophisticated range of supply chain security tools and a network of experts around the world. We can help you evaluate your overall supply chain risk as well as the potential risks that specific suppliers may face. Learn more on how to protect your supply chain management system.

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