Supply Chain Council of European Union | Scceu.org
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The importance of managing risk in the supply chain

Managing data threats also involves the integration of old and new critical business systems. 

Disparate data costs 57% of companies US$500,000 per year, as they struggle to unite existing tech systems with new replacements. 

Avetta suggests that an easy way to avoid this is to simply check a system’s open integration capabilities before investing in it – and, of course, to be aware of the integration capabilities of existing tech to make sure they are compatible.

Financial health is crucial to maintaining supply chain stability

With nearly half of supply chain risks encompassing financial threats, it’s vital that companies take strict measures to protect and monitor all financial data. This includes local and global data, so that companies can study their own financial data through a much wider lens. 

It’s no surprise that financially unstable companies are at a higher risk of having their supply chain disrupted. But, it’s not just monetary risk that comes with financial hardship; it causes practical issues, too. Avetta warns that financially insecure companies are 5% to 15% more likely to have to deal with site incidents.

With each employee injury costing a company US$1,100 and each death $1.3m, that’s a major threat to a company that’s already struggling financially. Ensuring all workers are health and safety trained is, therefore, vital for the protection of the company’s finances, as well as employees themselves.

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