Risk Management Article

Jason Chester’s picture

By: Jason Chester

For manufacturers—as for all of us—the past few months have been a blur of fast adaptations and long periods of waiting. At the start of the pandemic, many manufacturers did what they have always done in the face of disruption: adapt and find the fastest workaround for the challenge at hand.

Manufacturers already know that rapid adaptation is an accepted cost of doing business. Uncertainty, risk, and volatility are not new for these seasoned organizations. However, the universal nature of this crisis, and the fact that it’s far from over, have highlighted areas in which complex quality management systems and procedures stand in the way of agile responses and effective operational optimization.

Many manufacturers have taken advantage of the opportunity to examine their operations with a fresh perspective, seeking proactive changes that will pave the way forward in a post-Covid-19 world.

Multiple Authors
By: Bob Holmes, Knowable Magazine

This story was originally published by Knowable Magazine.

Infectious disease expert Anthony Fauci. Coronavirus response coordinator Deborah Birx. County health officials across the United States. The Covid-19 pandemic has led to the emergence of a new set of household names: those in the media spotlight who are charged with helping the public understand what is happening, what is likely to happen next, how to behave to reduce the pandemic’s spread, and why.

Through these health officials, millions have heard about social isolation, flattening the curve, mask-wearing, vaccines, antiviral drugs, and more.

The footing is tricky: Downplay a threat, and the public might not react strongly enough; overdo it, and they might not listen next time. And how can officials remain trustworthy when scientists’ understanding of a new virus is changing by the week?

Joerg Niessing’s picture

By: Joerg Niessing

Since Covid-19’s arrival, digital resilience increasingly refers to the strategic use of digital technologies in delivering customer value and business growth despite adversities. Indeed, some industries—such as hospitality, higher education, or traditional retail—were hit more than others because they did not embed digital technologies and analytics early or strongly enough.

In building resilience, the customer-centric perspective is critical. Only companies that leverage digital technologies and data to engage with customers more effectively, enrich customer experiences, or offer innovative customer-centric business models will create long-term growth.

INSEAD’s upcoming case study on Majid Al Futtaim (MAF), the Middle East’s leading shopping mall, retail, and leisure pioneer, explores this issue further. Despite Covid-19’s impact on many of MAF’s industries, like shopping malls, entertainment, and grocery retail, the conglomerate’s digital readiness, which had been ramping up for years prior to the pandemic, significantly limited the pandemic’s negative effects.

Tom Taormina’s picture

By: Tom Taormina

Each article in this series presents new tools for increasing return on investment (ROI), enhancing customer satisfaction, creating process excellence, and driving risk from an ISO 9001:2015-based quality management system (QMS). They will help implementers evolve quality management to overall business management. In this article we look at the clauses and subclauses of Section 9 of the standard.

Clause 9—Performance evaluation

Clause 9 is the part of the standard that we can use to truly quantify business excellence and risk avoidance. I will propose paradigm shifts that will make the outputs of this clause more informative for senior management and will include actionable recommendations that can contribute to the success factors that are immediately palatable and implementable for the leadership.

9.1.1 Monitoring, measurement, analysis, and evaluation—General

9.1.1 and excellence
This subclause requires that the organization must establish what needs to be monitored, measured, analyzed, and evaluated.

Elizabeth Tippett’s picture

By: Elizabeth Tippett

If you’re among the tens of millions of people returning to work or preparing to do so after months sheltering in place, you may be worried it will put you and your family at increased risk of exposure to Covid-19.

The dilemma may be especially stark for the millions of Americans who can expect to see a significant cut in their unemployment insurance benefits near the end of July, when the $600-per-week subsidy from the federal government is set to expire.

As a professor specializing in employment law, I don’t have a lot of reassurance to offer. Employment law is a patchwork at the best of times—let alone during a global pandemic—and legal protections may not cover your situation. Like so many of the challenges people are facing right now, you may be mostly on your own, negotiating the least bad of many bad options.

Here is a basic overview of what your options are under some common scenarios.

Douglas S. Thomas’s picture

By: Douglas S. Thomas

The cyber world is relatively new, and unlike other types of assets, cyber-assets are potentially accessible to criminals in far-off locations. This distance provides the criminal with significant protections from getting caught; thus, the risks are low, and with cyber-assets and activities being in the trillions of dollars, the payoff is high.

When we talk about cybercrime, we often focus on the loss of privacy and security. But cybercrime also results in significant economic losses. Yet the data and research on this aspect of cybercrime are unfortunately limited. Data collection often relies on small sample sizes or has other challenges that bring accuracy into question.

Ted Theyerl’s picture

By: Ted Theyerl

‘Forward!” It’s the state motto of Wisconsin, where I work to help manufacturing companies improve their operations and processes. It’s one simple word that holds a lot of meaning and relevance. It’s what I want companies I work with to embrace, practice, and execute. Forward is a word that helps summarize an entire scope of improvement practices, and it’s a word that has become even more relevant in these times of uncertainty. This motto and mindset can help your company serve everyone—your owners, employees, and customers—even better in the future. Forward!

When the impacts of the Covid-19 pandemic hit hard in mid-March 2020, the entire business and economic landscape shifted, almost instantly. Manufacturing companies had no option but to adapt rapidly to change or suffer the consequences—which could be immediate or long lasting.

How well did you do? If you adjusted quickly and smoothly, that’s a good sign you have solid improvement practices in place. If it was a struggle or worse, a threat to your business, that is a signal you need to get better at getting better—rapidly. How can you improve your ability to adapt rapidly?

Farhana Ahmad’s default image

By: Farhana Ahmad

When Intelex developed its return-to-work program, we decided the best approach would be a phased one. Similar to the concept of continuous deployment, breaking down the plan to allow individuals to quickly process, adapt, and execute practices and procedures makes it more manageable for employers and employees alike.

To summarize each phase and their objectives:
1. Respond: involves the immediate steps taken during the initial outbreak
2. Return: introduces short-term changes implemented to address all the newly discovered issues
3. Reimagine: implements long-term policies, procedures, and best practices to create an agile and resilient workforce

Our role in the Safe Actions for Employee Returns (SAFER) initiative

On top of our internal developments, we’ve joined the National Safety Council’s Safe Actions for Employee Returns (SAFER) initiative. With the aim of delivering a framework designed to ensure an effective and seamless transition back to the workplace, we have joined the ranks of more than 100 experts across 50 leading organizations.

Celia Paulsen’s picture

By: Celia Paulsen

Artificial intelligence (AI)-powered robots, 3D printing, the internet of things (IoT)... there’s a whole world of advanced manufacturing technology and innovation just waiting for small and medium-sized manufacturers (SMMs) that want to step up their digital game. Unfortunately, manufacturing digitization can present some fundamental challenges, like added cybersecurity risk.

So how do smaller manufacturers increase their advanced manufacturing technology capabilities while balancing the associated risks? Let’s dissect some of the top challenges for SMMs.

1. Cybersecurity plan

All technology implementations should begin with a plan that includes cybersecurity. A sound cybersecurity plan not only helps manufacturers identify and improve current security protocols, it also positions them to manage future risk.

Key stakeholders should identify the most critical information assets to protect, map how that information flows through the organization (currently and with any proposed technology or process changes), and determine the level of risk if that information were lost or compromised.

Knowledge at Wharton’s picture

By: Knowledge at Wharton

While sales of products like toilet paper, hand sanitizer, and even home appliances have skyrocketed during the coronavirus pandemic, auto sales have experienced the opposite. Through March, April, and May 2020, total vehicle sales in the United States fell to levels not seen since the Great Recession a decade ago. Demand crashed as millions of commuters suddenly found themselves working from home or laid off, and consumers responded predictably to the economic uncertainty by putting off expensive purchases such as new cars, trucks, and SUVs.

But with the lockdowns gradually lifting across all 50 states and life returning to a more normal pace, auto dealers are feeling cautiously optimistic that sales will pick up again and increase throughout the summer months. The bigger question is whether the rest of the year can make up for the springtime slide.

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