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  • Subject Name : Supply Chain Management

Supply Chain Management

Executive Summary of Supply Chain Management

This research report is an extensive study of risk management in supply chain management of industries operating in the manufacturing sector of Australia. The major objective of this report is to identify the predominant risks in the supply chain of the manufacturing industries operating in Australia. This research report will highlight all the key facets concerned with the issue of risk management. It will gradually unknot all the key recommendations that the organizations can adopt in order to enhance the supply chain management and consequently embed risk management into it. This study consists of five sections. Initial section of the study will form a background of the study and will provide a self-reflection on how the project is prepared and refined. It will lay emphasis on the collection of the data and identification of the issue. The second section of the study will involve the philosophy, design, approach and the data collection method that will be followed in the study. The third section will highlight a discussion on the issue of risks management in the supply chain of manufacturing companies. The conclusion will infer the key themes discussed in the study. Recommendations section will commend valid recommendations including employment of Cybersecurity walls, keeping a track of risk and incorporating a robust communication strategy.

Contents

Introduction.

Methodology.

Discussion.

Context

Sourcing relevant information.

Analysis of risk management in supply chain management

Conclusion.

Recommendations.

Robust communication strategy.

Keeping a track of risks.

Efficiency is contracting management

Concrete plans and effective leadership.

Cybersecurity walls.

References.

Introduction to Supply Chain Management

Supply chain management is one of the central procedures of industries. It incorporates all the processes convoluted in transforming raw material into a finished product and service. The process of streamlining the supply of goods and services is one among the cardinal activities that fall under supply chain management. As the name itself depicts, it is the management of the flow of goods and services in an organization. Under supply chain management, fall numerous branches of the process that incorporates planning, preparing and accessing the raw materials, delivery logistics and the delivery system. Strategic supply chain management operates at the strategic, tactical and operational level.

As this task was assignedo me, I went through the assignment brief and noted down all the significant guidelines and instructions. Through this process, I dived deeper into the assessment requirements. This process aided me in gaining an in-depth understanding of the assignment and what are its key requirements. As per the assignment requirements, I had to identify a key issue in strategic supply chain management in industries. I brainstormed different issues. I referred to many journals and peer-reviewed articles so as to gain a better understanding of which issue to choose. While referring to the articles, I came to know that manufacturing industries in Australia contribute around six per cent to the total GDP of the country (Nguyen and Wang 2019). This figure has declined substantially when peeped into the history of the manufacturing sector of the country. In the decade of 1960s, this figure of contribution to GDP was elevated to around thirty per cent. In the year, 2007, it deflated to only twelve per cent (Kerlin et al. 2015; Pham et al. 2019). Therefore, I decided to study this sector of the country.

 Risk management is one of the key aspects concerned with any industry. It involves identification, evaluation and prioritization of the risks and involves the following the procedure in order to mitigate them and diminish their impacts. In the manufacturing sector, it is imperative to define future goals by taking into account risk considerations and ways to lessen their impact (Gandhi et al. 2016). While going through different articles and journals, I identified the issue of risk management in the manufacturing industries of Australia. In my opinion, I think it is a real industry issue because the manufacturing sector of the country, it is one of the versatile sectors and is accompanied by many risk-related issues in its supply chain management. The supply chain management in these industries that is long and complex and requires being free from these challenges in order to function in an efficacious manner in order to address this issue, I have made sure that I refer to all the articles and peer-reviewed journals (Fredendall and Hill 2016). While collecting data, I referred to works of scholars such as Brindley (2017), Christopher (2016) and may others and comprehended all the key underpinnings of their work. While selecting the journals and articles to take into account while framing this assignment, I made sure that the articles were not older than the year 2015. By ensuring this, I made sure that the data is not older and is not irrelevant to the topic.

 I gathered all the required information from academic sources such as Fredendall and Hill (2016) to build a context of the subject. As a part of my research, I analysed that the manufacturing industrial sector of Australia exports around goods of 96 six AUD billion (Wang et al. 2019). From my research, I learnt that the big companies operating in this sector of Australia such as Boeing and General Electric are leading in this sector. But from the data obtained, its output has declined by thirteen per cent in the last decade. Dramatically, this is due to the poor management of the supply chain of the industries (Fahimnia et al. 2015). I analysed all the key issues that can lead to culpability in the supply chain management of the manufacturing industries. With the use of journals and articles, I reached an opinion, where I recognized that poor risk management strategies was the major reason that drives these issues. While carrying out the research, I made sure that all the information that I gathered was recorded and their sources were also cited in the report so as to make the report stand strong on the grounds of legitimacy.

To address the issue risk management in supply chain management of manufacturing industries of Australia, I have employed all the technical and professional skills including analytical skills in order to analyse the data that is gathered from journals and articles. Knowledge of the market is another skill that is required to address this issue. This is so because this ability aided me in dealing with the wide influence of the issue on the broader market segment. By gaining knowledge of the manufacturing market of the country, I was able to identify all the potential gaps in the supply chain management of this sector. Holding academic credential in the field of researching and financing is one of the key ways in determining any sort of financial risks. I employed strategic thinking to determine all the underlying causes of the risks in supply chain management of the manufacturing sector.

In this report, I have brought forward the picture of risk management in the supply chain management of Australia as a key challenge in the Australian manufacturing sector. I have highlighted how this issue can become a hurdle in strategic supply chain management in manufacturing industries in Australia. As per the provided guidelines I have made subsections in the report so as to make it more presentable and readable. In the initial section of the study, I have laid emphasis on building a context of the business issue and have introduced it in a detailed manner. In the following section of the report, I have employed my technical and professional skills to review academic literature. In the third section of the report, I have presented an analysis of the complex issue and have provided well-reasoned and logical arguments with examples to support the subject of the study. I have made sure that I communicate all the information in an appropriate format to a professional audience and therefore, I have maintained an appropriate theme of critical analysis and research in the whole report. In the concluding section of the study, I have recommended a set of recommendations to the industries operating in the manufacturing sector of Australia to address the discussed issue.

Methodology of Supply Chain Management

In this research, exploratory research design will be followed. This research design will be followed as all the qualitative and non-quantifiable data will be gathered from the academic and literary sources (Quinlan et al. 2019). Since this research design completely relies on qualitative data, therefore, it will be employed in the study. Exploratory research design is used to study a problem that has not evidently been premeditated. It is employed to gain a better understanding of the topic taken into consideration. Researches conducted by this method usually are initiated by taking a general theme and then narrowing down the scope of the study. Exploratory research design causes a researcher to comprehend the theme and construe anticipated conclusions and recommendations on the basis of the study. Descriptive research design is another research design. This research design is a scientific method that is employed in studies so as to study a subject without influencing it. This research design makes use of quantitative data to outline the research (Israel et al. 2019). It will not be used as it is based on the use of factual data and information. It will not be employed in this research because it does nit supports manipulation of the data and hence, no required statistical analysis can be carried out. Many researchers often refer to this research design as unreliable or unrealistic because of this fact. Moreover, in this research design, there is no repeatability of the observational studies due to which the results cannot be reviewed and no replication of the results can take place.

Interpretivism research philosophy will be incorporated in this research report as all the data will be construed and used from the already existing data. Interpretivism philosophy will be used since it relies completely on qualitative data and involves interpretation from hypothetical data. Interpretivism research philosophy makes use of qualitative data and thus, frames the study. This research integrates the interest of humans to a study. It involves studying the elements of a study and thus, interpreting results from it. It is closely associated with the research that involves qualitative analysis. It embraces the differences in individuals by following varied approaches. Vital variations that are included in this research philosophy are hermeneutics and phenology. It involves the natural approach of data collection such as qualitative surveys and questionnaires. Positivism research philosophy will not be used as it makes uses of factual information. Factual data is usually gathered from the survey by collecting responses of the participants of selected organizations. This philosophy confines itself to the data of experience. As per the positivists, the reality can be viewed from an objective viewpoint and is stable. This philosophy does not interfere with the phenomenon being discussed. It will not be used in the research report because the research findings are descriptive, therefore lack in providing complete information. Moreover, it defines processes or changes as a result of changes in actions of individuals or actions between them.

The inductive research approach will be used in this study because it will provide detailed information about the subject and will help in determining recommendations on the basis of it. This approach is used to reach a particular inference or result. This approach involves constructing a new theory using the provided data and information (Ryder et al. 2019). It reframes an existing phenomenon by inculcating the use of research questions. It requires the researcher to have an unbiased viewpoint to derive the new theory. It usually involves dealing with qualitative data. The deductive approach will not be followed in the research because it is usually used to study theory. Deductive approach tests the validity of the assumptions of the research. It involves framing a hypothesis from an already existing theory (Tracy 2019). This hypothesis is tested by formulating a research strategy. After investigating the hypothesis, conclusions are drawn from it. Data collection process involves a large group of people.

Data in this research will be collected by using secondary literary and academic sources. The primary method will not be used in this research because the primary data collection method is more time consuming and expensive method of data collection as compared to the secondary method. Primary data collection method involves conducting surveys and undertaking a suitable sample size so as to frame the study. People undertaken for the survey are provided with a questionnaire to answer. Random sampling technique is the most used method so as to ensure that there is no biasedness in the sample. Moreover, in this way sample contains diversified respondents. Henceforth, secondary data will be collected from journals and articles. The information will be collected by taking into account the peer-reviewed journals, articles and books that are not older than the year 2015. Qualitative data will be collected on supply chain management in Australian markets and how risk management is an issue in strategic supply chain management in manufacturing industries in Australia.

Discussion on Supply Chain Management

Context of Supply Chain Management

Supply chain management is a process that involves planning, execution, control and monitoring the activities of the supply chain (Christopher 2016). The major objective of building a robust supply chain management scheme is to outstand in the competitive market (Hugos 2018). It is usually enhanced in organizations in order to inflate the supply chain logistics. Strategic supply chain management is cardinal in measuring the global performance of an organization (Heizer et al. 2017). It encompasses integrated planning and execution of processes that relate to the flow of materials. It is a complex undertaking that depends upon various partners ranging from suppliers to manufactures. In supply chain management, it is cardinal that the risk management programs are integrated so as to ease in the process of alignment of procedures and communication between all the participating entities (Giannakis and Papadopoulos 2016).

Australia is a country where the markets witnesses diverse trends. As per the statistics of the year, 2017, it is an economy with a GDP of A$1.69 trillion. The service sector of the economy has dominated the economy with the highest contribution to the GDP of the country. It contributes around 60 per cent of the total GDP of the country. It has dominated other sectors and employs around 80 per cent of the labour force. Poor risk management in supply chain management in organisations operating in this sector has resulted in enormous fatalities (Paulsson 2018). Supply chain management has implanted into the operational cultures of different industrial sectors of the country (Monczka et al. 2015). In today’s world of fluctuating markets and rapidly changing needs of the market and customers, Australian organisations must follow robust strategic supply chain management in order to exceed the competitors and be globally recognized. Supply chain management is cardinal to manage both the process and the anticipated risks. Supply chain management must be compiled with continuous risks assessment so as to ensure that the vulnerability is reduced to an optimal level. Constantly changing markets and due to changing demands of the consumer and mutable political conditions it had been observed that in Australia, risks accompanied with these changes need to be managed in various sectors, especially in the manufacturing sector of the country.

Global sourcing is another cardinal reason that results in hindrance in the supply chain management of organizations in Australia. Global sourcing basically involves increased import of goods and services that ultimately poses a negative impact on the economy of the host nation. In order to compete in the global market, a nation must source its goods and services both ways across the international borderer in order to maintain the economy of the country and ultimately aid in strengthening the supply chain management of the organisation. Due to global sourcing, though the nation is benefitted but due to decontrol on the process, the supply chain of many organisations operating in the nation may get negatively impacted. In Australia, global sourcing has resulted in many organizations operating in diverse sectors of the economy getting undesirably wedged. In studies done by researchers Broadhurst at al. (2016), it has been observed that in Australia, due to global sourcing many risks have entrained the supply chain management of organisations. These risks involve financial risks and monitoring risks. Due to global outsourcing, financial risks can become a hurdle in the supply chain management of organizations. Budget overrun is n of the common financial risk associated with organisations in Australia. Supply chain management in Australian markets is usually encircled within the type of service and goods provided by the organization and the type of industrial sector. 

Sourcing Relevant Information

Many researchers have conducted studies on supply chain management and its imperativeness in an organisation. Manufacturing industries are one of the leading sectors in the Australian economy, but many breaches are being observed in this sector’s supply chain management. As per Wang et al. (2016), it is clear that the organisations operating in this sector are numerous and due to the difference in the goods being manufactured them, they often have complex procedures involved in supply chain management. For accumulating all the relevant information, it is cardinal to understand the supply chain management in organizations. As per scholars, supply chain management initiates with strategic planning that abides by the rules and standards set by the organization. According to scholars Ho et al. (2015), strategic planning brings forward the clear design and description of the process of supply chain management. Design evaluation and supply chain management model are integral to describe before defining the procedures. For sourcing relevant information, another cardinal filter is to incorporate those journals and books that are peer-reviewed.

They must highlight the procedures of the supply chain management process. The second integral step in the process incorporates demand process planning. It incorporates planning of the lifecycle of the process regarding the manufacturing of the product. Since the research iterates around the risk management in supply chain management, it is cardinal to undertake work of scholars that are based on the same. As per Ho et al. (2015), the process of supply chain management in manufacturing industries of Australia incorporates strategic planning, demand planning, supply planning, procurement process, manufacturing procedures, warehousing, order fulfilment and transportation of the finished products. Scholars say that in supply chain management of the manufacturing industries, risks are escorted; that may be either monetary risks or monitoring risks. Due to the poor management of these risks, the organization may suffer a heavy loss. In the manufacturing sector, it is cardinal to comprehend all the risks in an effective manner so as to address them efficiently and mitigate them. Risk of mismanagement of vendors and the suppliers is one of the key risks that are faced by Austrian organizations that are operating in the industrial sector.

Analysis of Risk Management in Supply Chain Management

Risk is an inevitable part of any process and is an anticipated outcome of any process that is performed without supervision and proper implementation of the approaches and stratagems. Risk has always been one of the inevitable parts of the supply chain process. In manufacturing industries operating in Australia, it is of cardinal importance to investigate any sort of risks. Scholars Fahimnia et al. (2015), has stated in their studies that due to poor risk management in the supply chain of organizations, it has been observed that organisations fail to accomplish their pre-defined objectives. Ford's Australia is one of the manufacturing companies in Australia that is based in Melbourne. As per the statistics of the year 2018, Ford suffered from a crisis in its supply chain management. Its supply chain was interrupted as a result of poor risk management. According to Luke Foley, producer of Graham Company, on 2nd of May, a fire broke out in one of the plants of Ford’s. This fire burnt all the magnesium automotive parts that were manufactured in the plant. It though occurred in only one plant of the automotive manufacturing giant but it became a nightmare for the organization as it resulted in huge loss to the organisation and created a huge gap in its supply chain.

As a result of this, other giants operating in the same sector also became cognizant about their risk management strategies (Wang et al. 2015). As a result of this incident, the plant was forced to shut down. But it depicted a risk that was not identified timely by incorporating and employing proper risk management in its supply chain management. In today's changing environment, due to global warming, the temperature is impulsive and is constantly changing. It often leads to certain disasters such as fire and burning of temperature-sensitive elements in the manufacturing industries (Mavi et al. 2016). In supply chain management of manufacturing industries, the suppliers are more prone to risks related to weather and sudden changes in the physical conditions (Coyle et al. 2016).

Scholar Brindley (2017), states that natural disasters are one of the key risks that often become a hurdle in the supply chain management of manufacturing industries of Australia (Soosay and Hyland 2015). Example of Ford's depicted an example of how a risk became its major reason in an interruption in the supply chain. Risks that are accompanied by natural disasters involve earthquake, heavy monsoon that can cause delays in the transportation of finished goods or can even cause a delay in receiving the raw materials, powerful hurricanes or wildfires. Even at the places that are not exposed to fluctuating or disaster-prone conditions, explosions can occur due to short-circuiting or explosion of any explosive material (Qazi et al. 2018).

According to scholars Lim-Camacho et al. (2015), manufacturing industries have to deal with the multifaceted manufacturing process that has to be monitored continuously in order to avoid any sort of catastrophes. In such cases, it is cardinal to acknowledge the fact that the risks management team is integral to be incorporated into an organization and employed in an efficient manner in it. Cordell et al. (2016) stresses the importance of the risk management schemes that can aid an organization in cultivating the benefits of the uninterrupted supply chain. Supply chain management along with integrated risk management is essential in order to make the supply chain management process of the manufacturing industries unremitting (Meindl 2016). It is essential to initially define all the important considerations of a process of supply chain and accordingly define the scope of risk management. In Australian industries, it has been observed that the industries face difficulty in coping up with the risk at the time when the risk occurs. This is so because there is no proper planning of the risks and its mitigation technique (Chen et al. 2019).

Apart from Ford’s, there are numerous other industries operating in the manufacturing sector that suffered from the issue of interruption in the supply chain. Interruption in the supply chain is inevitable and result in vast losses to the organizations. Supply chain management initiates with the process of planning which is not usually clearly defined in the Australian manufacturing industry. It is imperative for an organization that the anticipated risks are involved in supply chain management and are accordingly tackled while implementing the manufacturing practices in the organization (Mangan andalwani 2016). Scholars state that if an organization fails to undertake, specify and plan the risk management program as per the manufacturing and supplying process, the risks may cause havoc and may pose a deleterious impact on the organization’s supply chain process. These risks can occur as a result of culpability or error in any step of the supply chain. These risks need to be identified and accordingly tackled by implementing appropriate risk management plans.

As per the Australian Cyber Security Growth Network, also known as AustCyber, Australian manufacturing industries are at elevated risks of interruptions in supply chain management. These risks can occur during either the planning step or executing step of the supply chain of the industries (Liu et al. 2018). In the supply chain of manufacturing industries, risks can occur in supplying a product or can occur while obtaining the product. As per the statistics, more than 800 companies in Australia suffered from the data breaches in the year 2018. Apart from the health and financial organisations, the manufacturing industries were also severely hit by these data breaches. According to a report released by the Office of the Information Commissioner, by the month of December, in the same year, this statistics of data breaches elevated by seven per cent. Though Office of the Information Commissioner does not provide details of the companies that suffered from breaches, but as per the analysts, it is anticipated that around twenty per cent of the companies that suffered from cyber breaches were manufacturing companies.

Michael Warnock, Aura Information Security Australian country manager, stated that the mid-sized organisations that are operating in the manufacturing sector of the country are the easy targets of such breaches. The supply chain of such organizations is not robust enough due to which there is a chance of interruption by these breaches. Moreover, RSA chief cybersecurity advisor, Kleinman has also stated that the mining sector that is aimed at manufacturing mining merchandises are at an increased threat of cybercrimes. These attacks usually take place as malicious actors steal data of the companies and build the negotiation contracts. He also stated that ate mining sector of the country has suffered from malicious attacks in the past few years which has resulted due to increased interruptions in the supply chain. Sensitive information regarding the organization is collected and is negotiated.

Some risks occur in the process of settling the waste and storing them which marks the terminating step of the manufacturing process. An example of risk in the manufacturing phase of the supply chain is Bradbury Industrial Services Company. Bradbury is specialized in manufacturing and supplying gun wash solvents. Due to the improper disposal of the waste items that were flammable, the waste disposal storage place of the company caught fire. This resulted in a massive fire. Due to this hazard, the further processes of the supply chain involving transportation and supplying of goods was paused. This hazard caused a huge disruption in the supply chain of the organisation (Smith et al. 2016). There were no proper risk mismanagement programs implemented that resulted in a gigantic case of vulnerability. In the supply chain of manufacturing industry, it is of chief significance that all the components and materials are stored in an innocuous manner so as to avoid such cases of susceptibility.

As identified by the investigators, the reason for this explosion was improper management of the risk programs and the ineffective monitoring of the supply chain process. Apart from this case of mismanagement of the supply chain, there are numerous other cases were due to improper risk management many disasters and breaches have taken place in the supply chain (Wiengarten et al. 2016). Many cases of mining disasters have taken place in Oura, Queensland. Kianga mining disaster occurred in the year 1975 and which occurred due to improper risk monitoring and as a result an explosion occurred in the mining. Another explosion took place in the same site in the years 1986 and 1994. These accidents are an example of how risk management is a cardinal component of the supply chain and must be entrenched within it.

The mid-sized and small organisations of the manufacturing sector of the country can suffer from the adversity of risks and interruptions in their supply chain (Brusset and Teller 2017). Among the most stabilized brands in Australia that operate in the manufacturing sector, Nestle Australia leads the market by its effective strategies and tactics to target the market. It has managed its supply chain in a way that it can accomplish its pre-defined objectives. The supply chain of Nestle is branched into two major branches namely, the manufacturing phase and the distribution phase. But it is integral for the organisation to comprehend the link between these two phases in order to understand the needs of the customers. Being a big giant, it is cardinal for Nestle to integrate its two levels of the supply chain. These risks can also involve a breach of the code of conduct.

Nestle was suspended for not following the code of conduct that was earlier released by the organization in the initial stage of the supply chain that involves planning. Nestle failed to submit its ACOP report for the years 2016 and 2017. As per the procedures involved in the supply chain, all the integral activities that the organisation will perform in future are already listed initially by an organization. Under these activities fall all the commitments of the organisation related to its manufacturing, corporate social responsibility, supplying and procurement. This lead to the suspension of Nestle had to suffer from a huge loss during this period of suspension. Nestle could have employed better management of supply chain and could have implemented a virtuous risk management scheme that could provide strict guidelines about adhering to that organisational practices and code of conduct.

Conclusion on Supply Chain Management

This research report has highlighted all the key aspects concerned with risk management in supply chain management in organisations operating in the manufacturing sector of Australia. It has fetched frontward the picture of how risks can cause disruption in the supply chain of manufacturing industries in Australia. Risks and inescapable part of any process henceforth, risk management becomes a vital constituent associated with any procedure especially in supply chain management. Supply chain outlines all the significant and primary processes that take place in an organisation. It is imperative to integrate risk management in supply chain management so as to keep ahead of all the estimated risks and ensure smooth transitioning from one phase of the supply chain to another. For an organisation, it is chief to embed its risk management schemes in supply chain management.

The market of Australia is quite versatile; hence, it is cardinal for organisations to incorporate those stratagems and tactics that can aid the organisation in handling all the anticipated risks. Risk management program not only aids an organization in overcoming all the predicted hurdles but also strengthens the organization’s management of its supply chain. This report has highlighted risk management in various industries in the manufacturing sector of Australia. The initial section of the study has highlighted this issue of supply chain management in a wide spectrum of industries. The following section of the study narrows down the research and scope of the research and applies it to the manufacturing sector of Australia. This section of the study brings forward all the key underpinnings of the study and maintains a key theme of risk management in all the manufacturing industries operating in Australia.

Recommendations on Supply Chain Management

This section of the study will provide a valid set of recommendations and industry relevance. In Australia between the year 2007 and 2009, an economic recession was observed that impacted the manufacturing sector of the country. Instability in this sector resulted in unbalanced customer demands, improper supply of raw materials and commodities. Due to exponentially increasing consumer base and increased risk of handling the flammable materials and improper storage many organizations’ supply chain collapsed. In order to overcome all the risks in the supply chain, it is significant for the organisations to implement plans that can aid in striving growth and dipping menaces.

Robust Communication Strategy

In the manufacturing industry, organisations have complex structures. For example in an organization that manufactures furniture and tables. It is cardinal for the organization to integrate all the teams including the suppliers and distributors so as to enhance the process. Under the umbrella of supply chain management, it is integral that all the associated members of the organisation are communicated about the procedures and the practices. In furniture and tables manufacturing company, it is imperative that all processes ranging from wood obtaining to finishing into completed good needs vigorous monitoring and management. This not only reduces the chances of occurrence of risks but also makes the organization amalgamated. The better communication program is a major strategy that needs to be amalgamated with the supply chain so as to keep every member of the organisation informed about the practices. Another recommendation that can be suggested is that less number of hierarchal levels reduces the complexity and ease in maintaining the transparency in the project. By keeping all the members informed, any anticipated risks can be easily communicated and tackled by the teams.

Keeping a Track of Risks

From the case of fatality in Bradbury industry, it can be inferred that due absence of incorporation of safety programs in the manufacturing phase of the supply chain, the organisation suffered from a huge loss. Similarly, in the case of Oura, Queensland blasts and Ford’s explosion in the plant were a result of the absence of monitoring and risk management in the supply chain. These entire crises maintain a common theme of absence of risk management programs to identify and minimize the supply chain risks. Risk can be managed by keeping a track of the known risks (Louis and Pagell 2018). Risk management teams can be well-trained by experts and metrics and frameworks can be built to tackle the anticipated and usually occurring risks so that they can be eliminated at the initial stage. For unknown risks, speed responding to the risks can be accelerated. This can be done by constructing strong layers of defence and combining it with risk-aware culture.

Efficiency Is Contracting Management

For managing risks in an effective way, it is of prime importance to keep a trail of the approaches followed by the procurement group for contracting the management (Kırılmaz and Erol 2017). The costs of creating and negotiating the contracts completely depend upon streamlining of the costs. Procurement contracts can be employed by Australian manufacturing companies to escape any sort of legal risks. By incorporating the procurement contacts, organizations can keep legal risks that may become a hurdle in the process at a bay.

Concrete Plans and Effective Leadership

Concrete plans aid the manufacturing companies in determining their goals and objectives. It is imperative to the hand-tailor supply chain in such a way that the process objectives are already clear and there are no chances of the breaches in the process (Abdel-Basset et al. 2019). Purchasing raw materials and obtaining other commodities is one of the integral phases of the supply chain that may undergo any fatality. Since manufacturing companies require an enormous amount of raw materials so as to manufacture the finished products, it is cardinal that there are no sourcing risks in the organization. For bringing transparency in the sourcing of the raw materials, it is imperative that all the decisions regarding sourcing and financing of the raw material are clear. In big giants such as Nestle Australia, it is important to sources all the raw materials in an effective manner so as to maintain the credibility of the finished products. Any unethical risks associated who the product can pose a negative impact on the supply chain and thus, impact the future distributions. Leadership is the key to the success of the supply chain of an organisation. In the manufacturing sector, it is integral to integrate all the process and members involved in the process. For doing so, it is imperative that a proper and virtuous guideline is provided. Effective leadership can aid in supervising all the members about the same and inspecting their activities at systematic interims.

Cybersecurity Walls

Improved governance and frameworks can aid the Australian manufacturing industries in encompassing better defence walls against cyber breaches. For this purpose, it is essential to fill the skills required in cybersecurity teams (Wang 2019). It is anticipated that around 18000 more cybersecurity workers will be required in organizations in the next decade. To address this shortage of skills, organizations can aid their employees in cybersecurity force to get a certification in enhanced and robust training. TAFE's across Australia are providing this certification to employees. Organizations can make use of this service and thus, implement the cybersecurity programs to maintain the safety of the data. Data sharing frameworks can be developed by organizations and multiple organizations can come together and construct integrated software to fight against the data breaches.

References for Supply Chain Management

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