Experts have provided ways to overcome three key challenges threatening the supply chain
Small Business Connections says there are three major supply chain risks, with experts suggesting ways for the local industry to protect themselves against them and remain stable.
Following the COVID-19 pandemic, Small Business Connections says the freight industry has had to better safeguard against supply chain risks.
“In order to prepare against unforeseen and inevitable turbulent events ahead, it’s important to take proactive measures to identify the most inherently fragile areas within a supply chain,” Bristlecone CEO Nirav Patel told Small Business Connections.
Small Business Connections says the three main risks threatening the supply chain are environmental forces, value chain disruptions and business operation challenges.
Environmental forces relate to external issues like natural disasters or economic instability that impact supply chain performance through ways like damaged transport infrastructure or ruined inventory.
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Small Business Connections says value chain disruptions include problems ranging from receiving raw material to selling the final product to consumers.
Finally, business operation challenges refer to internal business issues, such as department breaches that impact the ability of the business to operate as usual.
To combat these challenges, Small Business Connections says strategies to remain digital leaders in the supply chain section include integrating supply chain digital twins to mitigate environmental risks, predictive maintenance to prevent breakdowns and tracking to ensure all parts of the supply chain remain active.
By taking these measures, the local supply chain can better adapt to risks and manage any future challenges.