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.
Nothing proved the need for cybersecurity best practices in the supply chain lifecycle more than last year’s coronavirus pandemic. Malicious actors around the globe took advantage of the disruption to launch ever more pervasive attacks at industries across the board. Supply chain attacks, or when hackers put malicious code or components into a trusted product to hijack systems along the distribution chain, are increasingly common.
The COVID-19 global pandemic has had an enormous impact on the supply chains of major industries as everything from raw materials and components to supply lines has been disrupted.
Maintaining accurate and effective supply chain channels is a challenge for manufacturing and logistics firms. You need to ensure you process both incoming and outgoing information accurately and promptly for improved revenue and growth. As the world keeps evolving, firms need to leverage the latest technologies to remain competitive. Today’s customers also expect firms to be agile and capable of adjusting to changes in the market quickly and efficiently. For firms still relying on legacy systems and outdated digital infrastructure, it is almost impossible to keep up with modern customer’s expectations.
The modern supply chain stretches all over the globe, with new manufacturers and suppliers continuously emerging. Finding the best cost efficiencies in the production lifecycle of goods is forcing supply chain managers to look for new partnerships and OEM sources.