The power of flexibility for mitigating supply chain risks

Lee [2004. The triple—a supply chain. Harvard Business Review 102–112] articulated that alignment, adaptability, and agility are the basic ingredients for managing supply chain risks. While it is clear that flexibility (agility) enhances supply chain resiliency, it remains unclear how much flexibili...

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Veröffentlicht in:International journal of production economics 2008-11, Vol.116 (1), p.12-27
Hauptverfasser: Tang, Christopher, Tomlin, Brian
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creator Tang, Christopher
Tomlin, Brian
description Lee [2004. The triple—a supply chain. Harvard Business Review 102–112] articulated that alignment, adaptability, and agility are the basic ingredients for managing supply chain risks. While it is clear that flexibility (agility) enhances supply chain resiliency, it remains unclear how much flexibility is needed to mitigate supply chain risks. Without a clear understanding of the benefit associated with different levels of flexibility, firms are reluctant to invest in flexibility especially when reliable data and accurate cost and benefit analysis are difficult to obtain. In this paper, we present a unified framework and 5 stylized models to illustrate that firms can obtain significant strategic value by implementing a risk reduction program that calls for a relatively low level of flexibility. Some of our model analyses are based on or motivated by models presented in recent literature. Our findings highlight the power of flexibility, and provide convincing arguments for deploying flexibility to mitigate supply chain risks.
doi_str_mv 10.1016/j.ijpe.2008.07.008
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subjects Cost benefit analysis
Economic models
Flexibility
Resilient supply chains
Risk management
Studies
Supply chain disruptions
Supply chain disruptions Risk management Flexibility Resilient supply chains
Supply chains
title The power of flexibility for mitigating supply chain risks
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