A Study on Risk Evaluation and Management in Supply Chain Operations

A Study on Risk Evaluation and Management in Supply Chain Operations

DHARANESH V & DHARMICHAND M

Student, MBA, School of Management of Studies, Sathyabama Institute of Science and Technology, OMR, Chennai, Tamil Nadu, 600119,

EMAIL: dharaneshfaier@gamil.com, dhruvprajapath@gmail.com

Dr. VELUMONI D

Assistant Professor, School of Management Studies, Sathyabama Institute of Science and Technology, OMR, Chennai, Tamil Nadu, 600119,

ABSTRACT

The Success for a business very much depends on its ability to handle its supply chain, and organizational efficiency plays an important part in determining business performance. A great variety of potential risks could intervene in business operations, bring financial losses, and damage the reputation of a firm. The summary provides an elaborate overview of the most significant aspects of the analysis and treatment of risks within supply chain management.

In this context, identification and evaluation of different types of risks affecting the supply chain is an important part of risk analysis. Natural disasters, political issues, fluctuations in market demand, transport delays, and supplier problems are just a few among them. Latest technologies such as block chain, artificial intelligence, and the Internet of Things provide predictive analytics and real-time monitoring, which can enhance risk consciousness and send out early warning signs. Pre-emptive risk assessment and management are necessary for the efficient operation of a supply chain.

Through the identification, assessment, and implementation of comprehensive risk management practices, organizations can enhance the resilience of their supply chains and maintain continuous operations, even during difficult circumstances. Successful supply chain management not only enhances an organization's long-term viability and competitiveness but also highlights the significance of comprehending, assessing, and effectively managing risks.