The Gartner® Market Guide for Supplier Risk Management Solutions shows how companies continue to invest in their supply chain. The report references the 2021 Gartner Supply Chain Risk and Resilience Survey, which at least 75% of supply chain companies have either implemented or are implementing a risk management organization, with 52% reporting dedicated supply chain risk roles at the global strategic level.
Key recommendations from the Gartner® report include:
- “Make technology a foundational part of their supplier risk management program, but understand that it’s not a panacea for eliminating vulnerabilities from risks. But technology is quickly becoming a requirement to enable risk management to avoid, absorb and recover from risk events as a competitive advantage.”
- “Prepare to use a combination of solutions of foundational systems with specialized software providing AI and machine learning (ML), advanced analytics and depth of quality data augmenting master data management, supplier collaboration, operations excellence in sensing and responding, hence resilience. This is critical to avoid overinvestment into redundancies, or into single solutions that are not built to cover comprehensive risk management. The fragmentation of the solutions market requires careful assessment of the needed capabilities to be matched with the offerings.”
- “Match the technology to the types of risk being managed. Many types of vendors address risk, but not all of them address the same types of risk. Additionally, there are functional differences between technologies that evaluate risk based on historic patterns and date, monitor risks based on real-time data, and intelligently predict risk and help to mitigate risk. No one technology solution can cover every single type of risk that affects suppliers.”
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