Companies are increasingly dependent on a variety of technologies to improve and manage their supply chains, including end-to-end digital connectivity, cloud computing services, blockchain, robotics, autonomous vehicles and advanced analysis tools, among others .
This transformation of the digital supply chain can increase efficiency and visibility, reduce errors and costs, improve collaboration with business partners and improve processes. It can also present risks, including data loss.
Numerous risk mitigation techniques can be used by parties involved in digital business for business services (B2B), says Smith. This includes the development of comprehensive commercial agreements with partners that address the various risks and responsibilities. Companies can also establish cybersecurity and data privacy controls to ensure the security of data transmission and storage.
"Companies typically require these B2B calls to be monitored to ensure that policies and procedures are followed," says Smith. "In addition, best practices recommend that frequent third-party risk assessments are carried out to ensure that all participants in the digital supply chain are adhering to industry security and privacy requirements and standards."
Companies are also relying more on digital sales channels such as e-commerce, e-mail, text, mobile applications and online events to reach customers or prospects.
Usually, companies hire IT Specialists to solve technical problems, such as computer systems, software, hardware, networks, cloud platforms, etc.
“The risks that we see here often [are] the lack of clarity around a multichannel strategy or, if we move completely to digital, the lack of strategy that allows the change of the partner, the customer, the consumer on the other side” says Chowning. “Without the strategy fully outlined and directing priorities and investments, organizations can find themselves in a situation of constant change of priority, where effectively none of the channels moves forward.”
Some efforts to create multiple digital channels have even evolved into a form of internal struggle, says Chowning. “Making the responsibility and responsibility of a single leadership team across multiple channels is often a very important mitigation strategy” to help prevent this.