Published: 19 June 2024
Organizations often use stopgap responses when managing supplier risks, causing them to miss proactive and effective risk management opportunities. Chief procurement officers can use this research to guide selection of the best-fitting techniques to maximize supplier risk management effectiveness.
Organizations often fail to identify the source of risk, which makes attempts at risk management ineffective and potentially costly if not focused on the right problem. In the 2023 Gartner Supply Chain Risk and Resilience Survey, 82% of supply chain leadership respondents indicated they should have distributed their budgets to address different risks.
Unaware of the breadth of options available, organizations often stick to one or two risk management techniques that provide immediate or temporary management of supplier risks. Using this stopgap approach, they are often forced to compromise on financial goals or efficiency to meet objectives.
Finding a risk
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