Managing Supplier’s Risk

Managing Supplier’s Risk

Risk is a normal occurrence when it comes to business, and it will feel more apparent as your dealings grow over time. It’s not a new concept; and the steps taken have been both proactive and predictive in line with the tech available. Hence, managing the risk itself is essential, and requires a keen eye to navigate thoroughly.

To collect the lists on how to manage the risk is quite tedious, so we’ll bring you the top 5 most important on this issue for highlights.

What Are The Steps To Manage And Mitigate Supplier’s Risk?

Know Your Suppliers

Getting to know your collaborators posed a challenge in itself and essential that needs to be done. Communication is extremely important to ensure information and data can be cross-checked  and verified with various channels to ensure trustability and consistency – successfully delivering the product as promised.

managing supplier risk
A cliche picture, but true in meaning: effective and solid collaboration requires you to know each party involved as well as possible

Get To Know With Your Marketplace

Due diligence. Each marketplace have their own specific location and that factor alone is dependent on other factors – economic and environmental-related. A thorough research is essential.

Analyze The Information To Plan Ahead

Study the trend continously so you can get a rough idea for preparation (and develop a plan) and gain a big picture. The plan can be used as a Standard Operating Porcedure, for your business protection proactively.

Conclusion

Of course, this post is not meant to point fingers that to the buyers, supplier’s is flat-out risky to be dealt with. It’s only inevitable to research and managing, purely on the safe side, while employing professionalism, integrity, and mutual trust all around.

At Venturette Solutions, we are strongly adhere to strong integrity and trustability when it comes to creating a business relationship, espcially since we are more into the long run. If you are a reliable supplier, we certainly take your profile into our account and putting a good word on your behalf.

If you are a supplier and interested to be part of our company, kindly email your inquiry to us (sales@venturetteconsulting.comand we’ll get back to you at the soonest. In the meantime, you can read further on related material, on how our team work with you, as a supplier.

Sources: 1,2,3

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