12/3/2023 0 Comments Bluex trade![]() Typhoons in East Asia also wreak havoc on supply chains. When Hurricane Harvey and Irma hit the United States in 2017, it was estimated that 67% of supply chain managers expected prices for input materials to be negatively affected for three months as a result. Extreme Weather RisksĮxtreme weather conditions such as hurricanes and typhoons are well-known to be a disruptive force in supply chain management. Such pushes are being done to avoid tariffs levied by the US on Chinese imports. Likewise, the China-US trade war has pushed many American companies to diversify or outright move their supply chain from China to Vietnam or the US. For example, risks presented by Brexit have led to multinationals such as Panasonic, Sony, and Schaeffler to move their operations outside of the UK, citing the country’s eventual departure from the EU as a concern for their operations. Geopolitical Risksįrom the 1973 Oil Crisis to the China-US trade war, geopolitical issues have long affected global trade and often led to downturns in the volume of trans-national trade. There are numerous risks to the global supply chain, and while many can be planned for, there are still many risks to global trade that present unique challenges. It’s also worth noting that these risks generally overlap and don’t often occur in isolation.Įxamples of Risks to Global Supply Chain Management in 2020 This is because the interconnectivity of global supply chains makes them very susceptible to some of the following risks: Risks in the global supply chain range widely. What are the Risks in Global Supply Chain Management? However, when interruptions to the global supply chain management occur, risk management is essential in determining the problem, how to resolve it, and potentially, how to prevent it from happening again or to at least minimize it in the future. This international network matters because effective global supply chain management can lead to greater profitability with minimized waste. Global supply chain management is the trans-national management of the flow of products and services from suppliers to buyers through networks of integrated third-party logistics services. Let’s move global trade forward with BlueX.Defining Global Supply Chain Risk Management We are building BlueX to power global B2B trade online for supply chains –empowering businesses to thrive on one of the most innovative, reliable, and secure platforms. We also heard from shippers and vendors that they needed financing solutions to provide more time to pay their freight, so we created Pay-It-Later. That’s one of the reasons why we developed BlueX Pay, a B2B digital payments platform that allows freight sellers to get paid by shippers online, globally, in the currency of their choice. We heard from customers that one of the biggest pain points of shipping goods is the ability to pay carriers online, so that cargo can be released quickly. We also built a dynamic pricing platform to enable carriers to price inventory intelligently – by leveraging AI.īut we didn’t stop there. We began by digitizing ocean carrier spot markets, providing rate, schedule, and inventory, as well as booking capabilities. By combining our expertise of shipping with the tech-savviness of Silicon Valley, we built the first ocean freight e-Commerce platforms for carriers and freight forwarders wanting to bring their trade online.
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