When we talk about risk management, they all comprise blind spots, obscurity, and unknown elements; supply chain risk management is no different. In order to deal with the risk factor effectively, the company’s experts approach the risk factor from a variety of sources ranging from political and environmental to weak passwords. Today, we’ll discuss the top 5 supply chain risk management solutions.
It is difficult to recognize the supply chain risk factors because of the fast-evolving technology and unpredictable nature. The advancement in technology has made the risk management process much easier due to the latest tech tools and software. However, many risk professionals and experts employ AI and machine learning to analyze the vast chunk of data. The tools help them to effectively monitor and evaluate the risk factors.
Supply Chain Risk Management Solutions – Top 5
Some of the top Supply Chain Risk Management Solutions that help SC professionals to deal with various types of issues, they’re as follows;
Environmental Risk Solutions
Businesses and companies employ Big Data and AI (artificial intelligence) tools to forecast weather and respond to environmental events and changes speedily without any delays. In order to deliver you the key insight that hasn’t been possible before in the past, the environmental risk solutions employ an integration of forecasting data like;
- Compliance factors
- Historical data
- Real-time updates on infrastructure status
Riskplus is one of the key environmental SCRM solutions, and it amplifies the capabilities of companies that to analyze the environmental risk factors that are impacting the shipments and causing delays. Quantifying the risk factors on a scale from 1 to 25 and regularly updating them would give the risk experts an opportunity and power to track the shipment and predict in real-time whether it is going to be delayed in real-time or not.
Some of the environmental risk management tools are as follows;
An updated map of the supplier relationship is one of the key areas of the SCRM programs. If the map is thorough and well-detailed, then it would give the SC risk experts opportunity to carefully evaluate and minimize the risk factor relevant to the supply chain.
However, the mapping tier is simple and easy for many companies; because it requires true and right visibility of knowing what supplies to who suppliers. It could easily become complicated if you miss a few links and connections. That’s why it heavily depends on human creativity to build and maintain the missing links and connections.
Tech companies like Achilles and IBM have jumped into the SC mapping area and promise to solve problems. They employ AI and other tech tools and software to help companies by creating global SC maps and generating automated insights about potential risk factors.
What about the digital supply chain mapping; it is because operation software companies, cloud service providers, and other tech vendors also face the risk just like physical suppliers. Some of the cloud-based mapping tools are as follows;
- Snap Logic
- Mule Soft Anypoint Platform
- Talented Cloud Integration
- Dell Boomi AtomSphere
- Oracle Integration Cloud Service
- Bright Discover
They allow businesses and organizations to map and manage their digital SC by employing externally available data. You can employ the abovementioned tools to recognize the 4th or 5th connections and failure points that could launch some risk elements.
Vendor Risk Management Solutions
Cyber security is a serious issue whether you are talking about digital SC or physical SC. Almost all businesses and companies are moving toward cloud technology and digitalization, that’s why cybersecurity is a relevant threat to them. However, if businesses and companies aren’t ready to upgrade their cybersecurity, they would face data breaches, regulatory violations, and operational disruptions.
There are various 3rd party risk management processing companies and they offer a customized solution relevant to the company’s risk. While analyzing the 3rd party vendors relevant to the cybersecurity and organizational requirements, the risk management team should integrate the workflow automation with the data objectives.
When companies have exposure cybersecurity risk factors, the risk experts would take precautionary measures to reduce the potential risk before it jeopardizes everything. Some of the main vendor risk management tools are as follows;
- Sure Cloud
- BeWise Vendor Risk Management
- Resolver Vendor Risk Management Software
- TrustArc Vendor Risk Management
- One Trust Vendorpedia 3rd Party Risk Exchange Editor’s Choice
Geopolitical Risk Solutions
Many businesses and companies are heavily dependent on the service providers and suppliers on the other side of the side. In such cases, they overlook and avoid the geopolitical risk factor relevant to the supply chain. Many Western risk experts aren’t aware of the political realities of India, China, and other cheap labor-providing countries. However, they don’t know the supply chain risks and challenges their partners are facing overseas.
Technology, the internet, and media play a significant role in this regard. Geoquant is a Tech Company that gathers data from social media, digital newspaper, and other media channel from all language and give you real-life political risk factors in various geographies across the world.
Some of the geopolitical risk tools are as follows;
- Country Risk Analysis
- The BlackRock Geopolitical Risk Indicator
Code Verification Solutions
In the digital supply chain area, vulnerabilities introduced by 3rd party are the biggest risk that you combine with the proprietary system. The supply chain risk management toolbox comprises key integral parts like CA Veracode and IBM Appscan. Before allowing any tool in the internal system or data tool, you should scan it with 3rd party code.
Some of the main code verification tools are as follows;
- CodeScene Behavioral Code Analysis
- SmartBear Collaborator
- Deep Source
- PVS Studio
- Sonar Qube
Conclusion: Supply Chain Risk Management Solutions
After an in-depth study of supply chain risk management solutions; we have realized that SCRM solutions are highly significant for risk evaluations in different areas. If you are learning about SCRM solutions, then should keep in mind the abovementioned solutions and tools relevant to your supply chain needs and requirements.
Ahsan is an accomplished researcher and has a deep insight in worldly life affairs. He goes Live 3 days a week on various social media platforms. Other than research writing, he’s a very interesting person.