Companies can only manage risks if they understand them and put systems in place to minimize exposure. Integrated enterprise systems can provide peace of mind by standardizing preventive processes that monitor for problems and provide consistent proactive response in the event of an exposure to risk.
Vigilant and systematized risk management is as important for smaller companies that build or distribute electronics or computer components as it is for Fortune 500 corporations in their industry. Consequences grow as firms expand into one-stop solution providers and handle high volumes of more items on a global scale.
As these firms continue to expand into one-stop solution providers and handle high volumes of more items on a global scale, they can't afford to be so exposed to risks that can jeopardize their operations and market value.
Risks posing the greatest threat are:
Compliance with environmental regulations to eliminate hazardous substances and mandate recycling
Balancing inventory levels to shifting market demand to maximize revenues and minimize inventory write-offs
Ensuring product quality
Prepared exclusively for Sage Software by Industry Directions, Inc.