Disruptions to the supply chains of British businesses have cost the UK economy billions of pounds. Caused both by physical events like natural disasters and non-physical issues, such as strikes and IT outages, disruptions can have a disastrous impact on the bottom line.
Our own research proves that disruptions are hitting companies hard: 80% of medium-sized UK businesses we spoke to consider their supply chains to be either very important or critical to their business, and a massive 88% have suffered significant supply chain disruptions in the past.
There is an opportunity for businesses to improve the resilience of their operations, manage supply chain risks better, and ultimately protect their profits in the long term. Businesses need to map out their key suppliers and plan for the worst case scenario, or suffer significant disruptions and associated financial impacts.
This article provides insights into:
- What are the consequences?
- How should businesses prepare for disruptions and mitigate risk?