Creating Resilient Supply Chains

How the pandemic, Russia-Ukraine war and the rising inflation has been causing pressure on global supply chains and the cost of consumer products.

We all thought that the supply challenges across the transport and logistic sectors would be easing post the pandemic shutdowns.

However, it’s not just the pandemic that’s causing issues, its other factors that include rising inflation and the impacts of the Russia-Ukraine war.

Building a Resilient Supply Chain

Here’s some suggestion on what you can do to build more resilience in your supply chains.

Embed best practices and tight controls that give you a full visibility of your supply chain touchpoints.

Look into your extended supply chains to identify their risks. Locate the most vulnerable vendors, so you have alternatives if something goes wrong.

Formalise your agreements with suppliers, setting terms, conditions, and service levels, allowing you to share risk exposure.

Monitor and evaluate your supply performance and collaborating in advance of any potential issues or risks.

Accept disruption is part of doing business, so develop a process to manage it to keep your operations humming. Look into harnessing a just-in-caseinventory strategy.

Protect your Business with the Right Insurance

You can speak with us as Connected Insurance Brokers to gain some insights into risk management across your supply chain. Our experienced team can help identify your risks and help to minimise their impact with Business Interruption Insurance.

Business Interruption Insurance could help protect your business against the vagaries of supply chains. Combine this insurance with a robust business continuity plan, such cover is a good investment against disruption.

Connected Insurance Brokers is a part of the Steadfast Group, the largest broking network in Australia. We have access to over 150 different insurers ensuring that we can provide your business with a cover that meets your needs at a competitive price.

Need some Help?

Or, speak with our qualified team in Townsville or Bowen on 07 4771 3439 or email us at info@connectedinsurance.com.au

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