Most of us — if we’re not para-jumping off mountaintops or surfing 60-foot waves — spend our lives avoiding risk. Businesses are no different. Investors, fixated on quarter-to-quarter profit growth, are reluctant to dedicate precious capital to projects with questionable short-term value. So executives tend to play it safe, and run from risk. The trouble is, risk these days has a funny way of finding them.
Risk can’t be avoided, but it can be managed. In some cases, it can even enhance a company’s competitive stature, provided the right steps are taken to prepare for it. In others, companies standing on the proverbial burning platform — whether that’s a failed supplier, outdated information system or a dramatic and unexpected shift in demand — have no choice but to make the leap.
Step one is understanding what those risks are. So, as we venture into 2024, what are the biggest challenges that threaten businesses generally, and supply chains specifically? With the help of Bindiya Vakil, chief executive officer and co-founder of Resilinc, a specialist in supply chain risk management, we present the five megatrends that are most likely to impact global business in the coming year.