What is Supply Chain Risk Management?

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Supply Chain Risk Management Definition

Supply chain risk management (SCRM) involves the identification, assessment, and mitigation of risks that disrupt the delivery of products and services. These risks can stem from various sources, including pandemics, natural disasters, geopolitical unrest, trade policies, changing regulations, and market fluctuations. Effective supply chain risk management provides organizations with the information they need to respond quickly to disruptions, maintain continuity, and minimize financial losses.

How Technology and Proactive Strategies Drive Effective Supply Chain Risk Management (SCRM)

A successful SCRM strategy is based on a foundation of proactive planning, real-time visibility, and continuous improvement. Technology solutions play a crucial role in enabling and enhancing supply chain risk management practices by providing opportunities for enhanced visibility, prediction, automation, and decision-making.