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However, cyber security threats and technology come hand-in-hand. According to a report from Accenture, 40% of cyberattacks are now thought to originate in the extended supply chain. Therefore, it’s essential that organisations implement adequate procedures and policies to mitigate cyber threats. Whilst technology evolves, so must an organisation’s cyber security, which requires regular review of cyber policies and procedures to ensure they remain effective. With outside suppliers also heavily leaning on technology, organisations must ensure they have checks and systems in place to protect their business from technology used by an outside supplier.
Unsecured supplies
Vulnerabilities within a supply chain could lead to unnecessary costs and missing out on business due to extended wait times
Cybersecurity Over the last few decades, technology has revolutionised the way we do business, including playing an important role in supply chain management. With pressure to reduce carbon emissions and expectations of efficiency improvement, organisations are leaning on technology more than ever before. New technologies, such as virtual meeting spaces and digital management systems, are being utilised for better management of a supply chain.
ISO and quality management One of the most important Standards for supply chain security and management is ISO 9001. This International Standard is designed to help organisations ensure they meet the needs of customers and other stakeholders by having a framework that ensures consistency in quality and in the provision of goods or services that organisations offer. Having processes in place to reduce risks and provide consistency within the supply chain is an important part of any quality management system. Over 1 million organisations globally have adopted ISO 9001, and it is used by a wide range of businesses to continually monitor, manage, and improve the quality of their product or service. An ISO 9001 quality management system can help organisations streamline processes, reduce errors, use their time more effectively, and improve communications. All of this ultimately leads to a more secure supply chain. Becoming ISO 9001 certified can provide a number of benefits including: • Increased efficiency • Better decision making • Increased customer satisfaction • Improved record keeping • Improved supplier relationships • Continuous improvement 50
Vulnerabilities within a supply chain could lead to unnecessary costs and missing out on business due to extended wait times. Having issues in your supply chain can cause expensive delays and major disruption. A shortage of materials and uncertain delivery schedules can make it difficult to fulfil orders or complete contracts. From health and safety hazards to unsatisfactory goods, a breach within the system could damage operations. Such problems can lead to unhappy customers and damage the reputation of your business. The Covid-19 pandemic exposed serious vulnerabilities in supply chains worldwide. With many businesses reliant on interconnected global supply chains the ripple effect has been significant. A shortage of supplies, changing market demands and an unpredictable workforce all came together and caused production and business operations to grind to a halt. Businesses now have the challenge and opportunity of proactively making their supply chains more secure. The pandemic has highlighted how businesses need efficient supply chains that not only minimise day-to-day risks but withstand, adapt, and recover from major disruptions. To meet this challenge, businesses need to ensure they identify and manage risks to secure their supply chain and ultimately their business. Future-ready supply chains must be resilient to change, agile to respond quickly to disruptions and sustainable to meet the needs of the planet. As we move to a post-pandemic world, supply chain security and risk management are more critical than ever.
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