Warren Buffett, the world’s most famous investor, has a great quote about managing risk. “It’s only when the tide goes out that you discover who’s been swimming naked.” This is prudent investment advice – but it’s also a great lesson for today’s supply chain leaders about risk exposure.
The past few weeks have revealed that most companies actually have a fairly poor understanding about their exposure to risk. Or in Buffett’s analogy, the tide’s gone out and most companies are now scrambling to find swimsuits. As a result, thousands of companies have – and will continue to – throttle down their manufacturing plants and decrease their output. And unfortunately this deceleration in productivity and production seems like it will now continue longer than initially expected.
However, with disruption comes opportunity.
Businesses that understand their risk exposure, and are able to quickly adapt and modify their supply chains to that exposure, have a chance to gain a unique competitive advantage in both the near and long term. This requires an accurate and trusted pipeline of data that can help answer critical questions to identify supply chain risk. Or in other words: a supply chain disruption control panel.Tamr put together a new guide to help businesses better understand the requirements that an effective control panel must have, as well as the types of questions it should easily answer.
These insights combined with Tamr’s “Data Can Help” supply chain solution is allowing organizations to better understand their current supply chain risks, mitigate disruption, and anticipate future exposure.
Request a demo to learn how mastering your data can reveal new insights into your supply chains, spend analysis, and procurement in as little as two weeks.