In these uncertain times, risks that come from the most unexpected direction can quickly escalate into big issues. Freak weather patterns, natural disasters, health emergencies and other geo-political problems can disrupt your sourcing operations and labour plans overnight.
No-one can ever hope to predict the unpredictable but adding feeds from data sources that you may never have previously considered could keep you operating as normal by being better prepared to roll out mitigations and flex operations.
Think of the recent flooding events that have crippled communities in the UK during the early part of 2020. According to the Environment Agency the frequency of this type of event is increasing due to climate change. Towns and villages will continue to be cut off from the road network, meaning branches of hundreds of businesses are likely to be affected again in future. Socially responsible organisations will want to take the opportunity to keep supply chains moving in these times of crisis.
Simple data feeds are available online which if analysed in combination with your customer and vendor data could provide a few days early warning for your business to gear up, plan and execute a response. These feeds can provide a regional view of risk and likely impact of unusual weather events, with providers instructions giving guidance on how to interpret and utilise the data.
All news is good news
Governmental and non-governmental organisations alike provide data feeds relating to other events which may be going on in the world that are likely to cause disruption to transport, population movement or other hazards. Risk assessments have been carried out on the data relating to earthquakes, droughts and even volcanic eruptions. Tapping in to this type of data can be of real benefit, again when mashed up with data that likely sits in your transactional ERP or other line of business application databases.
What else could go wrong?
If it's not weather or natural disaster we need to worry about, it's oil prices, election results and sadly, even war. But feeds exist that allow this type of data, gathered from around the globe to be analysed. Providers can give insights into :
- Energy Security
- Military Issues
- Political Events
Connecting to this type of data is probably easier than you think.
Don't have nightmares..
Finally, the UK government provides a risk register of civil emergencies this can be a useful planning aid as much of the worst-case scenario thinking has been done upfront.
An analytical approach, which joins the data dots can result in building a powerful tool that will help your business manage risk. Be prepared to act on the next unexpected event and you give your customers, partners and employees confidence that you are doing all you can to lessen any future impact.
Download our guide to FREE data sources
We've pulled together a list of FREE data sources that are available to you and can help you bring together all the right points of information to build your supply chain risk modelling dashboard. Why not reach out today and we can begin building a more secure future together? You can request a call back here.