Our economy is more globalized and interconnected than ever. While this has allowed businesses to expand their services and product offerings, it also ushered in a new era of complex enterprise challenges. When production in all areas of the world is interlinked, a political or economic event overseas can turn your business on its head overnight. Supply chain risk management consulting firms like RTG Solutions Group can help your organization navigate today’s fast-paced economy with ease and confidence.
Supply chain risks are not always predictable. However, supply chain risk management consulting can significantly mitigate risks for your organization. For example, our supply chain consulting can help your business:
- Line up back-up sources in the event of a disruption
- Identify and quantify industry – and region – specific risk scenarios and solutions
- Improve supply chain visibility for stronger governance
- Implement monitoring systems to predict disruptions
- Assess extant risk levels in current supply chain network
- Establish appropriate risk-measurement metrics
- Strengthen vendor contracts to reduce risk
SUPPLY CHAIN RISK MANAGEMENT CONSULTING: NAVIGATE INTRICATE ECONOMIC NETWORKS
Supply chain risks exist due to a variety of factors. Our globalized economy has allowed companies to transcend borders, fueling innovation and service-delivery. However, as production, distribution, and management have become increasingly dispersed, business leaders have had to confront intricate new challenges.
As product networks have broadened and intensified, supply chain risk management consulting has risen to the forefront as an essential service. One of the primary benefits of partnering with an SCRM firm is gaining insider understanding of the underlying causes of supply chain disruptions.
So what is responsible for the uptick in supply chain irregularities over the last few decades?
- Volatility in consumer preferences causes rapid demand fluctuations.
- On average, more business entities are involved in the production and distribution of any one product.
- The emergence of new economic powers has altered international trade relationships.
- Production, management, and distribution are more globalized than ever, so foreign policy changes can have a substantial impact on the flow of goods.
- As more business processes – like sales and operations planning – are automated or dependent on technology, small IT failures and power outages can have grave consequences.
- The expansion of supply chains has made complete supply chain visibility nearly impossible, increasing the prevalence of “unknown” supply chain risks.
These are just a few of the fundamental drivers of contemporary supply chain risks. The extent to which a business is impacted by any of these factors varies according to business size, industry, market location, and other factors unique to the company.
Do you know where your business’ most significant risks and vulnerabilities lie? A supply chain risk management company can help your organization obtain a more thorough understanding of the risks embedded in your particular supply chain. From there, a SCRM firm can assist in the construction of a robust loss-mitigation framework that is ready to be deployed at a moment’s notice.
Here are some examples of supply chain risks that you can prepare for when you partner with an experienced SCRM consultant like RTG Solutions Group:
- Increased oil and/or energy prices
- Cyber-attack vulnerability
- Political instability in markets
- Sanctions, tariffs, and embargoes
- Other changes in trade regulation
- Sudden change in consumer preferences
- Natural disasters or prohibitive weather patterns
- Increased competition in the market
- Disease outbreaks and pandemics
- Economic recessions
- Increased labor costs
- Shipment/distribution errors
- Reverse logistics
- Technology failures
SUPPLY CHAIN RISK MANAGEMENT COMPANIES: WHAT WE CAN DO FOR YOU
Ensuring the uninterrupted flow of goods from your supplier’s supplier to your customer’s customer has become more difficult than ever. But supply chain risk management consulting can give your firm the tools to overcome those hurdles and gain an edge over the competition.
Supply chain risk management companies like RTG Solutions Group specialize in optimizing business operations to meet the complex demands of our globalized economy. We provide actionable solutions that can strengthen every aspect of your supply chain – from procurement to waste management.
As a boutique supply chain consulting firm, we understand the ins and outs of the global supply chain, making us uniquely equipped to handle your organization’s risk mitigation needs.
Below we detail some of the supply chain risk management practices we can help you enact:
- Risk-mitigation meetings
- Just-In-Time inventory management
- Strategic vendor management policies to promote accountability
- Strengthen technology and data networks in inventory management system
- Real-time supply chain monitoring
- Key Performance Indicator (KPI) reporting for early risk detection
- Multiple-input sourcing strategies
- Component substitution
- Safety and compliance training
- Priority-ranked action plans
- Document management
- Flexible supply chain management
- Enterprise Resource Planning (ERP)
- Vendor portfolio diversification
These are just some of the many solutions that our supply chain risk management consulting firm can help your organization implement. Importantly, supply chain risk mitigation is not a one-size-fits-all exercise – it must be strategically tailored to your unique business needs.
MITIGATE YOUR SUPPLY CHAIN RISKS WITH RTG SOLUTIONS GROUP
It always comes down to the bottom line. With recent global upsets like that COVID-19 pandemic, supply chain risk management consulting has emerged as a forward-looking cost-reduction strategy.
But how do you get the most out of an investment in risk reduction? The answer is to partner with a SCRM organization that takes the time to thoroughly assess your business’ unique supply chain and its needs. This way, your business can prioritize the risk mitigation strategies that are the most effective, practical, and promising for your company.
Interested in tailored, cost-effective supply chain risk management consulting? Contact us today!