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The recent globalMicrosoftoutage highlighted a critical vulnerability in global supply chains.
These attacks can have devastating, expensive, and long-term ramifications for affected businesses, supply chains, andcustomers.
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The focus on diversification is, therefore, more important than ever to maintain business continuity.
Whilst offering continuity should a disruptive event occur, it is important to approach buffer stocks with caution.
This approach can be costly and even have a damaging knock-on effect on suppliers and their own planning.
Building buffer stocks therefore should be calculated based on concrete need and calculated risk.
Strategic partnerships and collaboration:
Strategic partnerships andcollaborationare additional crucial elements for success in an interconnected global marketplace.
Diversifying suppliers, establishing alternative communication channels, and maintaining manual backup processes are crucial steps.
Additionally, strengthening supplier relationships and increasing inventory buffers can help cushion the impact of future disruptions.
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