Risk Management for the Supply Chain
Identifying risks is an essential task and we must carry it out using protocols that consider what, how, and when to do it, especially if we have an international reach.
For the cosmetics industry, an efficient supply chain is vital for having a competitive advantage and for managing the requirements of retailers correctly and help face the challenges inherent to the supply and demand.
2020 has been a unique year throughout the world. The COVID-19 pandemic has affected international trade and, therefore, it has destabilized complete economies.
When it comes to the textile industry, the road for logistics is long. There are many stages between raw materials and finished products, and some more to get the goods to clients in the required terms.
Just as a setup of domino tiles, technology changes the way people consume things and the way to do business and so, it changes the market, forcing logistics to change as well.
The large number of processes in supply chains turn them susceptible to risks, which can be mitigated and avoided through prevention and action plans. Even though it requires a coordinated effort between the logistics, purchasing, legal, compliance, and finance departments to achieve this, it is also necessary to establish a culture of prevention throughout the whole company.
Ready to brush up on something new? We've got more to read right this way.