Depending on the size of the company and the nature of its business many business owners tend to overlook the threats posed to their supply chain. A recent article by Robbie Whelan of the Wall Street Journal highlighted the risk to businesses if their supply chain where to be interrupted. The three primary threats to company supply chains were IT outages, cyber-attacks and weather which directly impacted suppliers or their transportation processes. Such disruptions can prove costly for a business having to scramble to find new suppliers and could prove damaging to the businesses’ reputation. An interesting point mentioned in the article based on a Business Continuity Institute survey was one in ten businesses could not identify their key suppliers and 70% lacked visibility over their entire supply chain.
The take-away here is when conducting your business continuity planning do not overlook your supply chain vulnerability if your business success is dependent on suppliers for daily operations.
Source: Industry News