Minimizing the Vulnerabilities of Supply Chain: A new Framework for Enhancing the Resilience

Today's globalized, leaner and just-in-time supply chains are more vulnerable to natural and man-made disasters. The business environment is continuously varying which produces risk and to manage this risk, it requires resilience. This paper proposes a new framework for supply chain resilience that leverages existing knowledge and offers a better understanding of the available notion in literature. It incorporates flexibility, adaptability, collaboration, visibility and sustainability as the major pillars for resilient supply chains. This framework provides a new means to evaluate 'supply chain fitness' and also provides critical insights for decision making by minimizing the negative impact of unavoidable risk events. Thus it incorporates event readiness and provides an efficient response.