Risk Evaluation and Management Involved in Supply Chain
Pulkit Gautam1 , Dr Deepti Gupta2, Sachin Chaudhary3
1Research Scholar, SVU, Gajraula, 2Research Supervisor, 3IIMT University, Meerut
ABSTRACT
In today's globally connected economy, supply chains need to be managed effectively for businesses to achieve profitability. However, there are several potential risks involved in supply chain management that can have a negative effect on how well the supply chain operates in general. The purpose of this research paper is to present a thorough overview of the literature on supply chain management risks and to study the improvements of supply chain performance in terms of cost, customer satisfaction and delivery time. The study identifies, explores, and offers a framework for comprehending and managing the various types of risks associated with supply chain management. The first step deals with identifying, estimating, and evaluating risks. The identification of potential supply chain risk events will be made possible by the proper execution of all steps in this procedure. The second step involves mitigating and monitoring risks involved in supply chain. Risk management enables the decision-maker to comprehend and evaluate the effect of risk on a supply chain network.
Supply chains should always stay on top of inventory to improve its cost efficiency. Customer satisfaction can be increased by using online tracking system because it makes it easy for them to track inventory and enhance the visibility. Delivery time can be improved by solving the issue of lack of resources. Supply chain management is essential for businesses working in a globalised market. However, it is also prone to a number of risks that might affect how well the entire supply chain functions. However, by strengthening the supply chain resilience, creating backup plans, and working with suppliers and clients, businesses may manage these risks. In this paper, we showed that by improving cost efficiency, delivery time and customer satisfaction we can improve the performance of supply chain. Businesses may reduce the damaging effects of supply chain risks and maintain the efficient operation of their supply chains by putting these methods into exercise.
