THE VALUE OF EVENT MONITORING
A 6.5 magnitude earthquake struck the Reno, Nevada area at 5:30 am on the 15th of May 2020. Have you checked your supply chain? Is this event relevant to your business and could it impact profitability? For example, do you rely on a major drug wholesaler whose warehouse and transportation networks are in the area? At approximately $2-5 an hour, is event monitoring software worth the cost? Are you able to detect a potential disruption in near real-time? Do you know how and where it will impact your supply chain? Are you able to quantify the potential impact to customers in near real-time? Are you ready to capture the UNCERTAINTY ADVANTAGE? How does the earthquake in Nevada (or an infinite number of events) affect fill rates, supply chain, product, and material inventory?
There are more than a dozen supply chain event monitoring products in the market #resilinc#riskmethods), all can be implemented in days by you, the supplier, or by a 3rd party such as The Risk Project. Worth the investment?
UPDATE 18 May 2020: It appears Reno and the surrounding businesses dodged a bullet. Click here to see what might happen if a quake struck Reno.
