I have listed down some of these mitigation techniques below:
- For starters, you must opt for transportation insurance. This will protect them from other disasters or shortfalls as well.
- You must look to distribute the risk by avoiding total dependence on any one particular transport medium (railways, airways or waterways). In case any one of these mediums is disrupted, they can still rely on the other one.
- You must maintain adequate buffer inventory. An optimized point must be found between just-in-time principle and the just-in-case principle. Use of predictive and prescriptive analytic techniques can help you achieve this.
- You must shorten their supply chains in terms of distance and the number of parties involved. This will reduce the vulnerability of the network as the attackers will then have lesser points of attacks. Conversely, it also reduces the complexity and is easy for the company to manage the supply chain.
- You must build a strategic alliance with your suppliers and logistics providers and not just a business relationship. This will ensure that if need be they prioritize your consignment and the entire model stays stable (at least for your company).
- You must collaborate and educate your suppliers and logistics providers about the associated risks and the mitigation techniques so that the strategies are deployed across the entire network.
- Lastly, you must also collaborate with your customers (to whom you are the suppliers) so that they understand risks of the supply chain. If collaboration doesn't work, then you must incorporate clauses in your agreements to avert dire consequences.