The Supply Risk Category

Healthcare’s Internet of Medical Things (IoMT) Has Security Challenges, Forum Warns

“Healthcare” and “cybersecurity” don’t seem like they go together, but a security forum this week highlighted how the move to electronic health records and the growing use of connected medical devices — the Internet of Medical Things (IoMT) — makes hospitals and patients vulnerable. After attending the forum, it’s clear that hospitals know they’re targets, but they may not understand the scope of the danger. The Healthcare Information and Management Systems Society (HIMSS) held its security forum in Boston this week, and it attracted a diverse audience. IT, finance and supply chain executives mingled with network security professionals. So hospitals are viewing security in a cross-functional way, and that’s a positive development.

Creative Supplier Governance: Key Points From a Sourcing Leaders’ Lunch & Learn

SciQuest

At a recent Chicago Sourcing Leaders Lunch & Learn, one theme was clear: The sourcing department includes the “cool kids” of the enterprise. Hosted by solutions provider Scout RFP and Zebra Technologies, pioneers of barcode scanning technology, the Lunch & Learn featured a sampling of the Zebra product line and a practical presentation from Dawn Tiura, president and CEO of the Sourcing Industry Group, or SIG. She described the qualities of the “cool kids” and shared her insight on the importance of having a formal supplier governance program.

With Business Up But Politics Volatile, Uncertainty Is the New Certainty for Procurement

Deloitte Global CPO Survey 2016

Spend Matters welcomes this guest post from Naseem Malik, managing partner at TYGES International.

Life should be good for procurement professionals these days, if conventional wisdom is to be believed. Companies are hiring, spending and facing growth-related opportunities/challenges not seen in almost two decades. There’s renewed confidence with the business-friendly policies, and there’s a sense that a 4% GDP growth can be the new normal for the U.S. economy. But reality is not quite as rosy. From vitriolic trade negotiations to overnight tariffs, sanctions and currency fluctuations, companies are facing levels of volatility not seen in decades.

LexisNexis Entity Insight: Vendor Snapshot (Part 2) — Product Strengths and Weaknesses [PRO]

LexisNexis Entity Insight (LNEI) is a modern, “self-service” supplier management solution that the global data/market intelligence giant built to satisfy increasingly surging market demand for all things supplier risk management. Designed as a cost-effective, off-the-shelf solution, LNEI helps procurement, finance and supply chain organizations manage risk across their own supply networks, regardless of how nested or complex.

This Spend Matters PRO Vendor Snapshot explores LNEI’s strengths and weaknesses, providing facts and expert analysis to help procurement organizations decide whether they should consider the provider. Part 1 of our analysis provided a company and detailed solution overview, as well as a recommend fit list of criteria for firms considering LNEI. The third part of this series will offer a SWOT analysis, user selection guide, competitive alternatives, and additional evaluation and selection considerations.

Cyber, Political Resilience Rankings Shuffle in Latest FM Global Resilience Index

MBO Partners

FM Global released Wednesday its 2018 Resilience Index. While overall resilience rankings have remained largely unchanged from 2017, cyber and political resilience rankings have shifted. The Global Resilience Index is an annual ranking of 130 countries and regions according to 12 economic, risk and supply chain factors, which include supply chain visibility, supplier quality and rate of urbanization, in addition to the aforementioned cyber and political risk.

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May Resilience Be With You, Because Risk Sure Is

Like all great adventure stories, every one of the “Star Wars” movies is full of risk. The heroes and heroines of the series must overcome seemingly insurmountable odds to ensure that good prevails in the face of evil. Of course, the Jedi have the force on their side. Even a long time ago in a galaxy far, far away, however, success depended on many of the same practices that apply on Earth today.

On Supplier Risk Management, Financial Health Scores and Bad Lettuce

While the scramble to identify the Yuma, Arizona-based romaine lettuce supplier(s) that is the source of the ongoing E. coli outbreak continues, a new and rather apropos report from A.T. Kearney and RapidRatings shows that companies are taking supply chain risk management more seriously. The majority of both average and leading procurement organizations expect to be given more risk management responsibility in the next two years, the report finds. Considering that 83% of all companies believe that it will be increasingly crucial to implement a procurement risk management strategy within the next few years, it is not surprising that many are investing in risk management techniques.

30 Under 30 Supply Chain Star Jordan Haller on Leading ExxonMobil’s Preparatory Procurement Efforts for Hurricane Irma

oil

Jordan Haller knows a thing or two about safety. In 2015, the procurement supervisor at ExxonMobil was named to the National Safety Council’s list of 40 safety leaders under the age of 40 for leading a near loss campaign for his company. And last summer, Haller led ExxonMobil’s preparatory procurement efforts for Hurricane Irma. In the meantime, Haller, who has a bachelor’s degree in supply chain and information systems from Penn State University, also managed to complete an MBA at Louisiana State University. Today, Spend Matters chats with Haller on supply chain disruptions, prioritizing safety and why he expects the internet of things to push supply chain optimization to the next level.

Haven’t Experienced a Significant Supply Chain Disruption in the Past Year? You’re Among the Lucky Few

supply chain disruption

Riskmethods recently commissioned a survey of more than 250 senior procurement executives around the world to see what strategies they’re using to manage risk in their supply chains, and the results were published in a white paper, Procuring Risk: The State of Risk Management and Mitigation in Today’s Global Supply Chain. The report found that avoiding significant supply disruptions is a top priority for senior procurement executives. These events are also not uncommon occurrences, as the vast majority of the survey respondents reported that they experienced at least one supply chain incident in the past 12 months that led to a significant disruption.

How to Minimize Exposure Risk in a Global Food Supply Chain

Spend Matters welcomes this guest post from Megan Ray Nichols, a freelance writer covering STEM topics.

We all live in a global society now — a reality that includes, to a greater extent each year, our entire world’s food supply chains. If you and your business represent some of the critical pieces in this vast and interconnected ecosystem, you need to know you’re doing everything possible to insulate yourself, your product and, perhaps most critically of all, your end users from all types of risk that may introduce themselves along the way.

Resilinc EventWatch Data: Factory Fires and M&A Activity Rank as Top Disruptive Events

supply risk

Resilinc recently released its 2017 EventWatch Supply Chain Disruption Annual Report, and the top two disruptive event types by a significant margin were factory fires and explosions and mergers and acquisitions. The report is based off the 2017 data collected by Resilinc’s EventWatch software, which monitors and analyzes global events that are potentially disruptive for supply chains and then alerts customers. In 2017, EventWatch published on average five bulletins a day.

What the Super Bowl Can Teach About Risk Management

Pause for a moment to consider how adept the NFL has proven itself at proactively addressing logistics and risk management. Whether we’re talking facilities, security, transportation or emergency services, there’s obviously a lot more behind the curtain than we know about. Suffice it to say that little imagination is required to accept that the NFL sets an interesting, if not teachable, example — not just in terms of how to pull off a mega-event but how to react to most anything that could possibly go wrong. It expects problems and is prepared for them.