Today, leading businesses are taking the opportunity to rework traditional business practices and corporate models to position themselves in a more favorable position for the future. Our sustainability consulting finds these businesses are now including ‘business sustainability’ in the profitability equation. This has consequently expanded the traditional perception of business risk.
“Many businesses look at supply chain risk, but the focus tends to be limited to their immediate suppliers’ financial viability and ability to deal with local catastrophic events. This is missing an opportunity as effective risk management is based on already identified options for a wide range of potential problems, from logistics issues to commodity shortages and demand spikes to second-tier supplier problems.”
This quote was taken from a recent Supply Management post, Why Risk is Really an Opportunity, wherein a guest author from Crimson & Co. offers insight into business sustainability risk management. Selecting the supply chain as the ‘richest’ business opportunity, the professional consulting firm presents a comprehensive view of value in sustainable supply chain risk management:
- More Robust Supply Chain: Offering better agility and responsiveness, with fewer single points of failure
- Better Prepared for Incident: Lowers impacts such as damage to reputation
- Better Customer Service: Quick incident detection allows for a more proactive response
- Improve Product Launches: Greater positive publicity for new products and reduce rework
- Focus on Strategy: Spend less time fire-fighting and prioritize resource activities
It has become abundantly clear that the need to build risk management monitoring and surveillance into a comprehensive business sustainability plan has become a priority with more and more business executives. With an ability to identify the indicators of change and proactively respond, your organization can stay one step ahead. Our sustainability consulting provides information and resource to companies seeking to mitigate risk by increasing stake holder engagement and making proactive changes to traditional business practices.