FROM “ JIT ” TO “ JIC ”
RISK MANAGEMENT for Supply Chain and Procurement specialists
FROM “ JIT ” TO “ JIC ”
For many , risk management is a task done intuitively — habits formed after we ’ ve been burned . We ’ ve learned to worry when the radio announces snowfall or the news speaks of a rail strike . We know what is likely to happen and how to dodge the effects of a hurricane or that ocean container that never , ever arrives when you think it will .
We revert to our “ just in case ” plans , buffer our commitment dates , and beef up our safety stocks , and rely on the perhaps more pricey but also more dependable suppliers . But what happens when the world all of a sudden doesn ’ t look like it did ? When that thing everyone always said you should fear , the one that sounded more like a Keanu Reeves movie than anything you actually had to worry about , gives rise , looming threateningly over every link in your supply chain ?
COVID-19 showed us all too well that today ’ s supply chains are multi-tiered , interconnected , global networks with highly combustible soft points . As store shelves ran empty and life-saving supplies ran low , the repercussions of poor visibility ( most often
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RISK MANAGEMENT for Supply Chain and Procurement specialists
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