Supply chain executives are discovering new ways to apply technology and innovative processes to the challenge of managing uncertainty.
Venu Nagali has a piece of advice for supply chain executives looking to undertake a risk management initiative. “Most people think having a great piece of software solves the problem,” says Nagali, who has been heading a supply chain risk management initiative at technology solutions provider HP, “but the biggest lessons for us have been that, first, you have to change people's mindset about risk, and second, you have to put in place a rigorous business process to make this [type of initiative] work.”
Those lessons have clearly paid off for HP, as Nagali estimates that the company has saved more than $100 million dollars in incremental value over the five-year lifespan of the project. But beyond the savings, Nagali says the initiative is helping HP to achieve the even greater goal of mastering the uncertainty inherent in its global supply chain.
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