Supply Chain Event Management: Managing Risk by Creating Visibility

Abstract

Today’s business world is defined by complex business relationships. Some companies outsource their business activities to such an extent that they only own the brand name. Nonetheless, controlling the business and having overall transparency is key for them to ensure their customers’ satisfaction. This situation is intensified by faster product development cycles and shorter product life cycles. Customers and consumers also demand higher service levels and high availability of products. The growth of globalization, supplier dependency, and variability of demand has led to an increasing vulnerability of supply chain networks when disruptions occur. The foundation of adaptiveness lies within operating the supply chain through planning and execution, sensing deviations, and responding to them. To identify risks, develop efficient response strategies, and monitor the actual processes, a disciplined approach is necessary.