on 06 Oct 2016 11:18 AM
Generix Group recently organized a Euralogistic afterwork event with three other major partners, under the main theme of logistics risk management. Thirty northern French companies participated in this event, which showcased the key trends of the supply chain industry and focused on the importance of risk management within the supply chain.
Generix Group’s Risk Management Study
With Generix Group being a major player in this field, we provided an overview of one of our recent studies, where the risk management practices of 145 companies, including Nestle, Carrefour, and IKEA, were reviewed. This study provided us with the insight that while risk management is considered to be priority for at least 52.4% of the companies, only an average of 2.2 risk actions were in place in any given company. Our aim is to help our clients make significant changes in the way they are currently mitigating internal and external risks. While we have found that risks are generally managed via internal and external escalation points and regular risk analyses, there appears to be a high percentage of low all-around visibility within all verticals (up to 58.2%).
The Main Supply Chain Risks
Thanks to rapid advances in technology, we can now secure and accelerate logistical flows and help mitigate the cause and effect of issues such as system malfunctions, supplier delays, supply and demand failures, and lack of traceability. Just one of these major problems can have both direct and indirect effects on a company, including loss in profitability and a tarred reputation.
A highly functional supply chain needs to have complete visibility of the entire chain, collaborating both internally and externally to assess risks before they occur. Generix Group’s innovative solution creates a hub that connects all areas of the chain in one place, allowing for hyper visibility and the accelerated flow of real-time information on a global level.
For more information on obtaining a complete overview of your supply chain, please have a look at our previous article discussing our Global Track and Trace solution.