In the direct procurement supply chain, just when we think we’ve made it through one crisis, another hits. In 2024, we faced a hurricane in an unexpected region in North Carolina, Houthi attacks on ships in the Red Sea, a port strike in the Eastern US, and extreme drought at the Panama Canal to name just a few. The inbound materials supply chain continues to increase in risk alongside its increase in importance to the business.
This year, SourceDay has been sharing the best ideas, most effective strategies, and timeliest insights to help you build the most resilient supply chain possible in the face of constant chaos. We’ve pulled together our top five risk management articles from 2024 below.
Inbound Supply Chain Risk Assessment: A Step-by-Step Guide for Manufacturers and Distributors
One of the first steps to supply risk management is understanding what risk is in your supply chain and where it lives. Performing a thorough inbound supply chain risk assessment helps identify and proactively mitigate potential vulnerabilities. Our “how-to” guide provides the steps for conducting an effective inbound supply chain risk assessment with a focus on how to combine strategic and tactical actions to address the risks you uncover.
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Achieving Supply Chain Excellence: A Blueprint for CFOs – Part 3: Transform Your Procurement Strategy by Reducing Risk
Revenue projections require at least some level of predictability so it’s easy to understand why CFOs loathe risk. That’s why we pulled together a five-part series on achieving supply chain excellence with financial executives in mind. In part 3, we look at how high turnover rates, cost pressures, and manual tasks decrease procurement team efficiencies and increase risks. And how a PO lifecycle management solution can resolve many of those issues and lead to direct finance and accounting benefits such as reducing the time to process supplier invoices as much as 70%.
SourceDay Unveils Next-Gen Risk Management Solution to Enhance Supply Chain Performance
SourceDay believes that risk management is so critical to the success of manufacturers and distributors, we’ve made it the focus of our next generation platform: SourceDay Intelligence. Built on a proprietary dataset of $60 billion in direct materials spending, SourceDay Intelligence can predict unforeseen inbound supply risks, recommend effective resolutions and automate workflows, delivering up to 96% OTD.
The Cost of Downtime When Parts Are Missing
Supply chain disruptions can do real damage – not just to the procurement team, but for manufacturers and distributors, to the heart of business. Even the smallest missing screw can shut down the biggest assembly line. In this article, we examine the cascading effects from missing or late parts deliveries. We also look at how a direct procurement risk management solution like SourceDay can cut or eliminate risks to supply in the procurement process.
Key Supply Chain Success Factors – Part 3: Make Your Supplier Network a Competitive Advantage with Direct Procurement Risk Management
As in any ecosystem, a diverse supplier network means a more resilient supply chain. In this article in our series of Key Supply Chain Success Factors, we explore the benefits of a varied supply chain, including reduced risk, increased competition for business, potential discounts, and greater innovation. SourceDay can make new supplier onboarding easier, help manage a complex PO universe as well as measure and improve supplier performance.
Building Resilience in an Era of Uncertainty
Building a resilient supply chain is no longer optional—it’s a strategic imperative for manufacturers and distributors. From risk assessments and procurement transformation to cutting-edge technology like SourceDay Intelligence, the insights and solutions shared this year demonstrate that proactive risk management can mitigate the unpredictable challenges ahead.
By leveraging these strategies and tools, your company can not only navigate the chaos but use it as an opportunity to strengthen operations and outpace the competition. Explore the risk management articles above to start building a more resilient supply chain today—and prepare to meet whatever comes next year with confidence.
