BSI has released its annual Supply Chain Risk Insights Report which looks at global trends in supply chain risks and their management. It also highlights what organizations need to have in place to effectively manage supply chain continuity.
In terms of major trends within the supply chain environment, the report observed that thefts from hijacking have fallen as a proportion of cargo theft from 24.4 percent to 17.0 percent. These are now second to theft from facilities, which now account for more than a quarter of total thefts, which saw year-to-year increase from 24.2 percent to 26.0 percent.
Food and beverages remain the most commonly stolen commodity and the report highlighted that this has increased considerably in 2022, rising share by 2.8 percent. The proportion of automotive and fuel thefts is also rising, whereas the proportion of electronics, agriculture and construction theft has fallen. While hijacking has also fallen as a proportion of cargo theft, BSI observed that this continues to exert a real impact on global supply chains – with food, pharmaceuticals, and construction materials most effected.
Monitoring rapidly changing regulatory agendas is highlighted as one business imperative that decision-makers need to be aware of if organizations are to succeed in the face of the ongoing global disruptions.
The report identifies five additional imperatives that organizations will need to address to enable future growth and provide financial sustainability:
- Leadership: supply chain continuity requires investment from the top down and what organizations really need right now is strong buy-in from top level leadership.
- Digital: organizations need to urgently address their digital risk; 73 percent of organizations are significantly concerned about the risks posed by the digitization of supply chains.
- Self-knowledge: organizations need to invest in tools and technology which help form a comprehensive understanding of their supply chain environment, such as data analysis, IoT, cloud computing, information security and predictive analysis.
- A tailored approach: an awareness of the different, unique challenges facing each sector’s supply chain is key.
- New technologies: data, the metaverse, and cyber security are segments of technology that will differentiate organizations’ approaches to building strong supply chains.