Supplier Risk Analysis Methods: Why is it Important for Businesses?
Today, uncertainties in the global economy have majorly impacted the way businesses operate. Moreover, risks are the major cause of uncertainties in any business. As a result, businesses are increasingly investing in risk analysis for identifying and managing them even before they disrupt their business. Supplier risk analysis methods serve as the key to making futuristic business decisions and acts as a prototype for developing a risk management plan that distinguishes the most efficient approach to risk management.
Overview of Transportation Services Provider
Globalization and technological progress have brought rapid changes to the different types of transportation services sector in recent years and 2019 promises to be no different. From changes in the modern consumers’ needs and the skyrocketing growth of e-commerce to digitalization of the supply chain and the overall economic shift, we see 2019 as being a pivotal year for all types of transportation services industries. Still, with concerns such as variances to global trade deals, regulations and fluctuating capacity, it is quite certain that there will be an influence on the supply chain on the different types of transportation services providers in the coming years and beyond, making it vital for shippers, carriers and logistics service providers to keep a pulse on what’s going on in the industry.
About the Client
The client is a major provider of transportation and logistics services, offering one of the broadest portfolios in the industry, the company’s solutions include regional truckload, advanced, dedicated, bulk, intermodal, cross-dock logistics, supply chain management and port logistics.
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The client, a leading transportation service provider was looking at devising robust strategies to improve the quality of their supply-chain while keeping productivity standards. The transportation industry client also wanted to manage the supplier information efficiently by alleviating risks and cutting down costs by leveraging risk analysis strategies. Additionally, the client wanted to gain actionable insights into their global supply chain network to decrease the associated risks by implementing risk analysis strategies.
The supplier risk analysis solutions proposed by the experts at SpendEdge supported the transportation services provider distinguish the reasons that led to supplier crashes. Our supplier risk analysis solution also helped the client in estimating the impacts of disruptions across the extended supply chain by focusing on services that were aligned with the organization’s core value drivers. Moreover, the risk analysis solutions supported the client to decrease the cost of managing supplier data, which in turn advanced their overall supply chain performance.
SpendEdge has been efficient in providing sourcing and procurement strategies to 500+ companies across the globe, over the last decade. Our strength lies in delivering robust, real-time procurement market intelligence that supports sourcing and procurement professionals make informed decisions.