The modern world in which we live is hugely volatile and subject to wild randomness. In this context globalization has exposed supply chains to a multitude of constantly evolving threats.
From natural disasters to Coronavirus, from trade wars to cyber crime, global supply chains are facing unprecedented levels of risk. Modern ‘lean inventory’ policies have created vulnerabilities which have led many companies to re-evaluate their ability to maintain customer service whilst remaining economically viable. This is not to say that managers and policymakers are powerless in the face of random and indiscriminate forces. Although it is impossible to predict how and when a supply chain will be disrupted, it is possible to engineer ‘risk-agnostic’ resilience. Visibility, responsiveness and agility will be critical elements in ensuring that supply chains of the future retain their competitive advantage.