Innovation

What Are Your Supply Chain Risks?

Canadian company's priorities run counter to the rest of the world, survey finds

Written by Leigh Doyle

A survey entitled Supply Chain & Procurement Insights says Canadian businesses are not adequately prepared when it comes to their supply chain management. Conducted by Leger Marketing on behalf of Grand & Toy, the survey found that domestic organizations identify cost pressures (38%) and regulatory requirements (38%) as their biggest supply chain challenges.

“These areas of focus, while important, run counter to how much of the world sees future priorities,” says Gary D’Andrea, CEO of Grand & Toy Ltd. “Top issues for global supply chain and procurement experts include increasing pressure from global competition, global labour markets and, increasingly, concerns over geopolitical instability.”

The number one global issue—increasing pressure from global competition—didn’t even make Canadian executives’ top-ten list of challenges over the next five years. This inward orientation can lead to a failure in identifying opportunities and risk, says D’Andrea: “Given the increasing interconnectedness of the global supply chain, a single, local event can have a dramatic impact on how we do business. Companies need to work more closely with their supply chain and procurement partners to help reduce their risk profile.”

To download the report, click here.

Originally appeared on PROFITguide.com