Companies are currently implementing a number of actions in order to mitigate the impact of potential new tariffs. The leading action companies are currently taking is conducting comprehensive supply chain risk assessments with potential price impact analysis (63%). These risk assessments are crucial for procurement/SCM professionals to help ensure business continuity and understand potential financial risks to the company.

Catch up on the latest CAPS News: Tariff and Immigration Policies Effect on SCM, Navigating Geopolitical Risks, New Quick Poll- Evaluating Supply Chain Risks

While geopolitical risks are often unknown and uncontrollable, the top strategies global organizations use to manage these supply chain risks include increasing the number of countries as sources of supply; increasing the number of suppliers; buffering inventories; and reshoring or nearshoring. These approaches help to minimize the risk of disruptions caused by geopolitical tensions while also enabling faster responses to market demand fluctuations. 

Catch up on the latest CAPS News: AI In Procurement, Participate in a GenAI Survey, Read more about Procurement Leaders and top priorities, register for upcoming webinar