We provide businesses with actionable insights and techniques to improve their procurement capabilities.Covid, with its significant risk implications for supply chains from a demand, supply, and financial perspective, is another reminder of the importance of having an appropriate supply chain risk management strategy. Our state-of-the-art supply chain risk management solutions also help enterprises to transform structural capabilities, improve execution efficiency, and achieve better cost savings. Our innovative procurement solutions help enterprises to transform the structural capabilities of businesses and improve execution efficiency. SpendEdge delivers robust, real-time procurement market intelligence solutions to help sourcing and procurement professionals to improve supply chain risk management capabilities. Request a free proposal to gain a comprehensive overview of our solutions portfolio for managing supply chain risk. Managing any type of supply chain risk is a taxing job and can result in major profit losses for companies. Maintain business operations by efficiently addressing potential supply chain disruption.Obtain a comprehensive overview of flow of materials and products.Proactively identify any global supply chain risk and ensure timely delivery of products.Learn to reduce the complexity of a supply chain risk and prevent it altogether.Gain detailed insights into the best strategies to improve visibility in the global supply chain.Additionally, it can warn procurement professionals of potential supply chain failures. Visibility of suppliers’ financial stability: By leveraging predictive financial stability data, companies can gain highly positive SCRM visibility to a firm’s management team for free.Every contract must have provisions of protections by limiting liabilities, ensuring security against legal liabilities, and insurance of suppliers.
Supplier insurance and limitations of liability: Organizations using external suppliers for products or services, either upstream or downstream, necessarily need to evaluate potential liability exposure.This will enable them to streamline contracts by understanding the significant cost of creating and negotiating old-style “legalese” contracts. Innovations in contract management: Companies can adapt to newer styles of contract design rather than following old-styled onerous ones.SpendEdge has identified some of the best practices to help companies manage risks in the global supply chain and achieve better consistency and value. Request Free Demo Supply Chain Risk Management Best Practices Want to know more about supply chain risk management best practices and how you can mitigate supply chain risks? Request a free demo and access our SpendEdge Insights platform for free! By improving supply chain risk management capabilities, companies can easily analyze dynamic factors that may lead to risks. A failure to identify and minimize these risks can lead to supply chain disruptions and profit losses. At times, they simply rely on annual risk registers, which are usually created for insurance companies. Most firms fail to perform an effective supply chain risk assessment before outsourcing their products and services. With companies across the globe focusing on becoming more efficient, supply chains have become extremely vulnerable to risks. Why is Supply Chain Risk Management Important? This has forced decision-makers to think about why is supply chain management important and what are some of the best practices to mitigate supply chain risk.Īt SpendEdge, we understand the risks associated with a global supply chain and to help companies answer questions such as “why is supply chain management important?” and “how to mitigate supply chain risk?”, we have listed below some of the best practices for managing a supply chain. However, business strategies such as outsourcing, supplier consolidation, and low-cost sourcing offer immense opportunities but have several risks associated with them. With the globalization of supply chains, the number of third-party logistics (3PL) providers has increased, substantially.
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