INSIGHT: Of black swans, confirmation bias, and the O-ring theory: Why cynics can help you build supply chain resilience
Is your business set up to survive and thrive beyond major supply chain disruptions?
Over 80% of global supply chains suffer at least one major disruption each year. Political uncertainty, economic and financial volatility, and rare, unpredictable and devastating events known as ‘black swans’ provide a clear warning: Manage and mitigate the risks by maintaining a diligent, robust preparedness. Build supply chain resilience that compensates for supply chain vulnerabilities.
But chaos demands creativity too: Forge the unique capabilities that not only mitigate risk, but also provide the opportunity to rethink and revitalise the supply chain design to thrive beyond the present disruption.
Download the white paper Of black swans, confirmation bias, and the O-ring theory: Why cynics can help you build supply chain resilience and find out how you can develop the capabilities required to build a slick, resilient supply chain, including:
- Understanding why vulnerability and measuring risk goes against human nature
Even experts have a poor track record in predicting trends, anticipating landmark events or understanding and recognising a tipping point.
- A salutary lesson as to the need for strong leadership and governance rigour
An earthquake in Japan demonstrates the significance of leadership and why corporate governance may need to embrace imagining the worst-case scenario.
- Turning a crisis into an opportunity
By redefining resilience, leaders and management should instil the belief that disruptions may be an opportunity for competitive advantage.
- 3 resilient supply chain characteristics
The capabilities of a resilient supply chain flow directly from – or are integrally tied to – certain invaluable organisational characteristics.
- A 3-stage process to implement resiliency measures
Work through these 3 stages when building supply chain resilience as it provides a structure for success.
- 6 key strategies to help you manage disruption and mitigate risk
You need to develop strategies that cover key considerations; for example, evolving and deepening supplier relationships, and supply chain segmentation analyses.
- Crucial facilitators and enablers
Certain tangible factors represent essential facilitators in supply chain and organisational robustness.
- Sense-checking your company’s resilience
These 5 questions represent an acid test as to whether your organisation is primed for resilience.