Supply chain risks are a factor that nearly every business entity must take into account. If any of these supply chain risks come into play, then it's bound to wreak havoc on operations. Keep an eye on these factors if you want to minimize the impact that these risks will have on your company's profitability and ability to meet customer expectations.
Many companies have switched to low price operators who may be located on the other side of the country or the world. This means an initial cost savings, but what's the potential for supply chain risks? The further a supplier is from you, the more opportunity there is for logistics to break down, meaning that you don't get the goods.
Having a personal, long-standing relationship with suppliers may mean having fewer supply chain risks. A supplier who is invested in your success is more likely to deliver than one who is distant and all-but-unknown. Do the potential savings you might get from that supplier really outweigh the value of knowing you'll get what you need when you need it? Sometimes the supply chain risks are just too high.
The price of a barrel of oil is low right now, but it's safe to assume things won't always be that way. What happens to your supply chain risks when oil prices start climbing? Be thinking about this now so that you'll have a strategy in place when the inevitable happens.
If you're using a supplier in a foreign country, then you'll definitely need to reflect on the political state of that nation. It's important to have a contingency plan in place in case things become unstable. When things go wrong, you'll be able to take action instead of scrambling for a solution.