Published On: October 11, 2023

In an ever-evolving global landscape, understanding potential threats and opportunities becomes paramount. From immediate economic concerns to overarching environmental challenges, businesses and governments must stay prepared. The World Economic Forum’s recent findings underline these concerns, spotlighting urgent and long-term risks that demand our attention. And as these risks loom, businesses, particularly those in supply chain management, play a pivotal role in formulating and implementing effective responses. Delve into the intricacies of the report and discover how industry leaders, like SCG International, are redefining their strategies to navigate the complexities of our times.

In the World Economic Forum’s Global Risks Report 2023, 1,200 experts from across the world were polled. They believe that in the next 2 years, the cost-of-living crisis poses the largest short-term risk. However, over the next decade, the failure to combat climate change emerges as a greater threat. 6 of the top 10 long-term risks are related to climate, ranging from biodiversity loss and ecosystem collapse to large-scale involuntary migration. Experts say that much like the Polycrisis, climate change is a multifaceted problem.

To address this, governments, businesses, and the civil sector must collaborate. The report indicates that while 80% predict the polycrisis will dominate the next two years, only 50% believe it will remain a significant concern after a decade. Experts also suggest that addressing the Polycrisis can begin by:

  • Keeping a long-term goal in sight   
  • Tackling climate change  

Adapting to Global Challenges with SCG International’s Resilient Supply Chain Strategy

On September 6th, 2023, Bangkok — Mr. Abhijit Datta, Managing Director of SCG International was a speaker at the ‘Southeast Asia Trade and Development Forum’ organized by the International Institute for Trade and Development, sharing the topic about ‘Conquering the Polycrisis Challenges’ he shared that “In every crisis, we find opportunities. Understanding customers’ challenges, we’ve crafted an End-to-End solution to help them create resilience and efficient supply chain in business”

When discussing challenges, the idea of a ‘supply chain partner’. Traditionally, our model was trading: we sourced and exported products globally. Now, as supply chain partners, we see the supply chain as a pipeline. On one end, customers look for solutions; on the other, a variety of solutions await. The main function of this pipeline is to seamlessly deliver solutions to those customers. This approach emphasizes 3 key principles:

  • Building Resilient Supply Chain Infrastructure
    Building a durable supply chain that can handle challenges. This includes using diverse suppliers, advanced monitoring technology, and backup plans for vital parts.  

  • Sustaining Seamless Supply Chain Flow
    Maintaining steady supply chain movement, addressing slowdowns promptly, using current data for decisions, and fostering strong supplier relationships.  

  • Optimization for Balance and Efficiency
    Streamlining the supply chain to use resources wisely, avoiding both excess and shortages. This entails forecasting needs, managing stock, and utilizing data insights.  

In supply chain terms, we broadened our focus beyond individual products to tackle bottlenecks. The crisis highlighted risks, so we shifted to a more holistic, collaborative strategy, considering disruptions’ impact on us, suppliers, and customers. The goal is a robust, efficient end-to-end supply chain solution.

In a rapidly changing world, resilient supply chains are important. SCG International’s shift from traditional trading to comprehensive supply chain partnership is a proactive response to emerging global challenges. With our emphasis on robust pipelines and efficiency, we’re poised to navigate these multifaceted challenges.

Has your business experienced any significant disruptions due to over-reliance on a single supplier? Don’t let your supply chain be the weakest link. Let SCG International be your trusted partner in building resilience, efficiency, and adaptability.

Contact us now to learn how we can tailor solutions specific to your business needs >> here