The World Economic Forum (WEF) contends, in a recent article, that the path forward for supply chains lies in renewed global cooperation. "With multilateralism under strain and middle and great powers competing for dominance, inward-looking strategies risk exacerbating instability," the report notes.
Instead, supply chain leaders must prioritize:
- Enhanced dialogue with partners and stakeholders: Strengthening trust and transparency across the value chain.
- Resilience-building strategies: Diversifying suppliers, localizing critical production and investing in advanced risk monitoring technologies.
- Sustainable practices: Emphasizing circular economies, renewable energy and reduced emissions.
This high level of collaboration is due to the many risks facing the supply chain. The survey asked responsdents to rank their risks.
"From conflicts to climate change, we are facing interconnected crises that demand coordinated, collective action," said Mark Elsner, head of the Global Risks Initiative at the World Economic Forum, in a statement.
“Renewed efforts to rebuild trust and foster cooperation are urgently needed," Elsner added. "The consequences of inaction could be felt for generations to come."
