|By Marketwired .||
|June 30, 2014 12:34 PM EDT||
MANASSAS, VA -- (Marketwired) -- 06/30/14 -- INSIGHT, Inc., top international provider of planning solutions that power supply chain design for the world's foremost companies, is concerned that businesses won't be prepared for potential supply chain disruptions that could undermine the health of their bottom line. Current examples include the potential West Coast port strike, which could shut down 30 ports stretching from San Diego to Washington state, and unrest in the Middle East, which could cause gas prices in the US to go over $5.00 per gallon and potentially set off another economic downturn.
"Companies need to have strategic plans in place to mitigate supply chain risks caused by everything from natural disasters to socio-economic and political unrest that may cut off critical raw material suppliers, restrict transportation modes, and shut down a plant or other facility, causing major disruptions in supply chains," said Dr. Jeff Karrenbauer, president and co-founder, INSIGHT, Inc.
A recent study conducted by the National Association of Manufacturers and the National Retail Federation shows that the US economy could lose as much as $2.5 billion a day if prolonged West Coast port shutdowns occur. Negotiations are underway for a new contract with West Coast dockworkers, which expires today. Twelve years ago the port of Long Beach shut down for 10 days, costing the US economy $1 billion per day.
Militants from the Islamic State in Iraq and Syria began an offensive that has seen vast swaths of northern Iraq fall out of government hands, causing fuel prices to rise. Experts predict gas prices could go over $5.00 per gallon if the crisis continues. Rising fuel prices have a trickle-down effect in supply chains, causing profits to decrease.
INSIGHT helps companies take a holistic look at their supply chain, including determining optimal network designs, identifying vulnerabilities, developing mitigating strategies, including alternative raw material and manufacturing sourcing plans, determining optimal inventory policies and levels and more to sustain companies affected by current events. INSIGHT also offers supply chain audit services to help companies uncover the vulnerabilities within their supply chains, and then create plans to mitigate these risks.
About INSIGHT, Inc.
INSIGHT, Inc. provides optimization and simulation-based supply chain analytics and consulting services to meet today's dynamic business challenges. Founded by supply chain and operations research experts in 1978 to apply world-class technology with intelligence and rigor to decision making, INSIGHT solves the complex supply chain strategic, tactical, and financial planning management issues of the world's foremost companies, including many of the Fortune 100 firms, such as ExxonMobil, Nestle, and Abbott Laboratories. Our software and services help firms minimize costs, maximize profits, free up capital, streamline operations, and increase customer service levels. For more information, please visit us on the Web at http://www.insightoutsmart.com.
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