Why is Supply Chain Risk Management So Important?
Without exceptional risk management a company cannot compete with major players in the industry and reach the level of production required. If accidents and setbacks start happening on a regular basis then a company's reputation will be damaged beyond repair. This will drive away potential investors and people wishing to work with the company. In fact, many people working in this industry have agreed that failure to utilise appropriate risk management guidelines is the most common cause of business failure and revenue loss. Risk management strategists should have the skills to spot ways of reducing risks and implement the most relevant practical guidelines possible. They also need to do some research into what new techniques are developing and be aware of new and more effective ways of managing risk. In the past supply chain management was a much more simple process with a lower level of risk. This is because the equipment and production functions they used were pretty basic. T
