Part 5: Future-proofing supply chain resilience
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"The new era of digitization, plus geopolitical and environmental pressures, has resulted in a multi-faceted supply chain that can present challenges but can also be the backdrop to new, innovative opportunities for growth in 2023 and beyond.” - Tony Pelli, Practice Director, Security & Resilience, BSI.
June 8, 2023 - BSI’s recent Supply chain risk insights report reflects on the global impacts surrounding supply chain cyber vulnerabilities and ransomware risks, price inflation, labor issues, and recent legislative requirements. In part four of our series, Mark Brown, Global Managing Director, Digital Trust Consulting, BSI, discusses how adopting an innovation mindset and new processes can enhance organization and supply chain operations. In the final installment of the series, let’s explore some supply chain priorities that will help establish resilience and a thriving workforce.
New age of unpredictability
Parts one to four of the Supply chain risk insights series demonstrate the new age of unpredictability where supply chains are no longer steady or predictable. Increasing digital transformation, plus geopolitical and environmental pressures, is resulting in a multi-faceted supply chain that is forming the backdrop to new, innovative opportunities for growth. Ensuring against supply chain risk is at the forefront of C-suite agendas and implementing the right processes and technologies will help organizations thrive throughout this year and beyond.
Considerations for now and beyond
Let’s explore three elements of the supply chain to prioritize that just might help your organization transition from survive to thrive:
- Remember that many partners and third parties are interconnected in digital supply chains; it’s not just your organization in control. The more globally dispersed your partners are, the more complexities arise and the wider your potential attack surface becomes. It’s important to take strategic actions when mitigating risks, such as reviewing all current suppliers and protecting your data and partner access to platforms (Read Mark Brown’s Protecting your digital supply chain against cyberattacks for more information on managing third-party risks).
- After deploying new technologies or adding suppliers and vendors, conduct risk assessments and continuously review progress being made. A review process will identify potential risks associated with the technologies and enable your organization to implement mitigation measures in a timely manner. Regular evaluations will also help to ensure that the technologies are being used in a safe and secure way.
- Visualize your digital supply chain from a data perspective. The Chief Risk Officer (CRO) or Chief Operations Officer (COO) should lead on implementing a risk-management solution to give your organization better insight into operations, what is and isn’t working, and areas for improvement. Access to real-time data will help shape this solution and improve operational efficiency alongside ensuring compliance with regulations and standards.
Supply chains are made up of more than just raw materials and finished goods. They include the people, vendors, software, and hardware that contributes to making and moving those products to consumers. Companies concerned about supply chain risk need to consider the full range of risks, both physical and digital, that all parts of their supply chain may face to become more resilient. Though this may seem daunting, setting up a comprehensive supply chain risk management system can help identify, measure, and address these risks as well as reveal new opportunities for the business.
Download BSI’s Supply chain risks insights report here and listen to Intelligence Insights & Enhancements: A Preview of the 2023 BSI Supply Chain Insights Report with Jim Yarbrough for a report summary.
For more BSI insights on other EHS and Digital Trust topics, visit our Experts Corner. For real-time updates on top supply chain issues, register for BSI’s Connect SCREEN tool; this platform provides daily analysis on the latest and most relevant global supply chain trends.