Future-Proofing Supply Chains: Risk Management Practices in the Digital Era
Keywords:
Risk Management, , Supply Chain, Supply Chain Resilience, Risk Mitigation, Artificial Intelligence, Block-chain, Big Data, Global DisruptionsAbstract
Purpose: In the rapidly evolving global landscape, risk management has become an essential component of supply chain management (SCM). With the increasing complexity of supply chains, disruptions, and external shocks, organizations must adopt effective risk management strategies to ensure supply chain resilience and performance. Methodology: This paper explores the research on risk management practices in supply chains, focusing on emerging trends, technological advancements, and strategies for mitigating operational, financial, strategic, and external risks. A comprehensive review of existing risk management frameworks is conducted, evaluating the challenges organizations face in implementing these strategies. The paper also highlights new tools and methodologies, such as Artificial Intelligence (AI), Big Data, and block-chain technologies, that contribute to improving risk management practices. Findings: The findings reveal that emerging technologies, including AI, Big Data, and block-chain, are playing a pivotal role in enhancing supply chain resilience. These tools enable better risk prediction, identification, and mitigation, contributing to improved risk management processes. The study also underscores the significant impact of global disruptions, such as the COVID-19 pandemic, which highlighted vulnerabilities in traditional supply chain models and accelerated the adoption of digital and data-driven risk management strategies. Implications: Organizations must embrace advanced technologies and refine their risk management strategies to navigate the complexities and uncertainties of modern supply chains. Implementing robust risk mitigation frameworks can help enhance the overall resilience and adaptability of supply chains, improving long-term performance. Originality: This paper provides a comprehensive review of risk management practices in supply chains, incorporating the research to assess the evolution of risk management strategies in response to contemporary challenges. By focusing on technological advancements and emerging trends, the paper offers valuable insights into the future of supply chain risk management.
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