In the world of manufacturing, distribution, shipping, and other related industries, supply chain risk management is a key operational goal. Focusing on supply chain risk management reduces the chances that a disruption will have a direct impact on a company's productivity — and profitability. It allows a company to maintain business continuity, either providing goods and services to other businesses or consumers, by reducing the possibility of errors, malicious incursions, and many other problematic issues.
This year, manufacturing organizations continue to rebuild their workforce — and their profitability — by focusing on the areas where the pandemic impacted them in the most profound ways. Some manufacturers will focus on readjusting supply chain networks to better serve evolving consumer demands. Others will target the rebuilding of revenue streams. No matter how they pursue the process of rebuilding, manufacturing organizations can create a bigger impact and move more quickly toward goals with the help of a partner that understands digital initiatives.
The news is full of disasters in recent years. From the ongoing pandemic to natural disasters like floods, fires, and hurricanes, not to mention the threat of data breaches are affecting small businesses across the nation.
In 2020, the coronavirus pandemic forced businesses from all industries to take a closer look at their operations and move toward a more digital environment. Digital transformation was a buzzword and the shift to remote work and hybrid office environments only accelerated the trend. As expected, the resulting interest in digital technologies saw the managed services industry explode, with a market size that should reach $319.5 billion by 2024.
The manufacturing industry has been under attack by cybercriminals, especially as the coronavirus pandemic wrought havoc on supply chains and disrupted business processes in 2020. Incidents involving ransomware directly affecting manufacturing increased by 156% from 2019 to 2020 and malicious groups used ransomware to extract $17 million from a maker of laptops and $34 million from an electronics company.
Utilities have been in the news a lot this past year as extreme weather events, the pandemic, and high demand have combined to cause widespread disruption. In fact, power outages alone have skyrocketed in 2020, up 73% from the previous year. Water utilities are also feeling the pinch as the coronavirus pandemic continues to drain limited resources, making it harder to serve the populations that depend on them.