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The 'Risky Business' of Supply Chains

July 29, 2014

When some of us hear the words risky business, we might think of Tom Cruise’s infamous movie (tube socks sliding across the floor and all). But there is risky business to think about with supply chains too, and it’s a subject that supply chain leaders aren’t talking about enough these days. Managing risks and recovery is a critical element of your supply chain planning.

Jim Tompkins

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When some of us hear the words risky business, we might think of Tom Cruise's infamous movie (tube socks sliding across the floor and all).

But there is risky business to think about with supply chains too, and it's a subject that supply chain leaders aren't talking about enough these days. Managing risks and recovery is a critical element of your supply chain planning.

Our new report, Risk Management and Recovery, peels back the layers to today's greatest supply chain risks, mitigation strategies, and recovery plans. The report is based on a March 2014 survey by Tompkins Supply Chain Consortium, so it guarantees a realistic perspective into what current companies are really doing and thinking.

Interestingly, the survey reveals that today's top external sources of risk are: market changes, raw material availability/commodity price fluctuation, and weather/natural disaster disruption. Specialized skill sets/employee expertise is the greatest supply chain risk to current operations, according to those surveyed.

Download the report for further insights into this topic, including a time-to-recover questionnaire and a risk assessment. Do you agree with the top sources of risk? What are you seeing as the top risks at your organization and what is your recovery plan?

About the Author

Jim Tompkins | CEO

Dr. James A. Tompkins is an international authority on leadership, logistics, material handling, outsourcing, and supply chain best practices. As the founder and CEO of Tompkins International, he provides leadership for Tompkins globally.

His 30-plus years as CEO of a consulting / integration firm and his focus on helping companies achieve profitable growth give him an insider’s view into what makes great companies even better. Listen to an interview of Jim Tompkins on the Business Leader Radio show.

As a high-level business advisor, his unique perspective prepares corporations and executives for the future.

To share his knowledge and provide up-to-date information on supply chain and business trends, he developed the GoGoGo! Blogand Global Supply Chain Podcast.

He has written or contributed to more than 30 books and eBooks, including Caught Between the Tiger and the Dragon, Bold Leadership, Logistics and Manufacturing Outsourcing, The Supply Chain Handbook, andNo Boundaries. Jim has been quoted in hundreds of business and industry magazines such as The Journal of Commerce, Supply & Demand Chain Executive, and FORTUNE, and he has spoken at more than 4,000 international engagements.

Jim has served as President of the Institute of Industrial Engineers, the Materials Management Society, and the College-Industry Council on Material Handling Education, and Purdue has named him a Distinguished Engineering Alum. He has also received more than 50 awards for his service to his profession.