5 tips to manage supply chain risk in uncertain times

5 tips to manage supply chain risk in uncertain times

"It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently." This famous Warren Buffet quote serves as a reminder to all businesses that - no matter what size or industry of operation - a risky supply chain - could be severely hurting on many levels, causing financial and reputational damage. In today's world economy, businesses are critically dependent on the global supply chain to respond to customer demands. The business failure of any supplier can seriously impact a company's key performance metrics like sales, costs, and inventories. On the customer front, failing to meet commitments can lead to all sorts of negative outcomes. Worst case? Losing customers to competitors. In the social media age, a lot of damage can be done to a brand in a matter of five minutes. The global coronavirus outbreak has resulted in significant repercussions on international trade and global economy. Majority of businesses across industries and countries have been impacted with disruption to supply chains and commerce. Costs associated with business interruptions have taken a toll on businesses. The crisis has exposed fault lines in the current supply chain network. Research by