Due to numerous delivery risks and delivery disruptions, one particular approach that had almost become obsolete has enjoyed a new renaissance in recent years:
đź’ŁInventory Building and Increasing Safety Stocks (CFOs have been in great pain ever since)
Times are changing: A 2024 McKinsey survey revealed that this approach has changed in recent months, and companies have become increasingly confident in their markets, suppliers, investments, and resilience projects to minimize risks in their supply chains.
âś…46% expect to reduce or eliminate risk buffers, with inventories falling back to or below prepandemic levels.
âś…47% say they plan to keep their overall inventories current.
âś…73% of leaders report progress on dual-sourcing strategies.
âś…60% acting to regionalize their supply chains.
âś…60% show comprehensive visibility of their tier-one suppliers.
For those supply chain leaders who are still hoping for the mercy of the supply chain gods, here are a few practical tips for building effective tools to start their supply chain risk approach:
đź’ˇFoster a risk culture and awareness of supply chain integrity with Humans and the environment in mind
đź’ˇEngage people, teams, and functions and make robust supply chains a corporate effort
💡Establish a comprehensive organizational integration; don’t just put task forces in place
đź’ˇGo digital and use effective supply chain tech; combine human skills with digital skills
đź’ˇBreak boundaries and collaborate even with competitors
đź’ˇStop working in silos and use all channels to exchange, support and share intelligence
👉 Most Procurement teams will focus on cost-down management for 2025. Robust supply chain (risk) management avoids unplanned costs and is an elementary component of holistic and successful cost management.
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