Strategies in managing risks in the adoption of business analytics practices

2016 ◽  
Vol 29 (3) ◽  
pp. 374-399 ◽  
Author(s):  
Amrita Gangotra ◽  
Ravi Shankar
Keyword(s):  
Risk Mitigation ◽  
Dominant Role ◽  
Customer Experience ◽  
Mitigation Strategies ◽  
Business Analytics ◽  
Content Type ◽  
Corporate World ◽  
Telecom Service ◽  
Risk Mitigation Strategies ◽  
And Performance

Purpose – There are various risks that can derail the adoption of business analytics (BA) practice in a telecom service provider (TSP) thereby jeopardising the possibility to increase profitability and improved customer experience. The purpose of this paper is to analyse different associated risks using situation-actor-process, learnings-actions-performance (SAP-LAP) model and build mitigation strategies for the adoption. Also the risks are ranked using the interactive ranking process (IRP) methodology and the dominating matrix provides insight to the actions and actors that need attention to improve the processes and performance. Design/methodology/approach – A case study of a TSP (X1) was analysed through close interactions with experts within the company and externals involved in setting up the BA practice in X1. Using the SAP-LAP framework risks were identified and then the IRP was used to rank the actors w.r.t performance and actions w.r.t processes. Findings – X1 has taken initiatives for setting up the BA practice in order to improve the profitability and customer experience through data insights. The suggested conceptual SAP-LAP model helps to address risk mitigation strategies for its adoption and the IRP frameworks helps in understanding the prioritisation matrix (using the ranking) to be considered to mitigate the risks. Research limitations/implications – The IRP framework is limited to certain relationships between actors, w.r.t processes and actions w.r.t performance for the prioritisation matrix of identified risks. This has scope to be further expanded to other relationships and therefore refining the findings. Also this approach could be used to study other industries too. Practical implications – SAP-LAP model identifies the risks in adopting the BA practice in a TSP. The synthesis of SAP leads to LAP, which bridges the gap by suggesting improvement actions based on the learning from the present situation, actors and processes. IRP provides the prioritisation matrix for mitigating the risks by identifying the dominating factors. Originality/value – BA practice plays a dominant role in a TSP. An approach to study the risks of its adoption using the SAP-LAP and IRP framework bridges the gap between the academic and corporate world. This paper is very relevant to managers involved in setting up a BA practice. For the academic, use of research model validates the identification of risks that are recognised in the corporate world and prioritising the risks that need to be addressed.

A contextual approach to supply chain risk mitigation

2015 ◽  
Vol 26 (3) ◽  
pp. 642-656 ◽  
Author(s):  
Woojung Chang ◽  
Alexander E. Ellinger ◽  
Jennifer Blackhurst
Keyword(s):  
Supply Chain ◽  
Risk Mitigation ◽  
Business Students ◽  
Mitigation Strategies ◽  
Supply Chain Risk Management ◽  
Supply Chain Risk ◽  
Content Type ◽  
Risk Mitigation Strategies ◽  
And Performance ◽  
Research Propositions

Purpose – As global supply networks proliferate, the strategic significance of supply chain risk management (SCRM) – defined as the identification, evaluation, and management of supply chain-related risks to reduce overall supply chain vulnerability – also increases. Yet, despite consistent evidence that firm performance is enhanced by appropriate fit between strategy and context, extant SCRM research focusses more on identifying sources of supply chain risk, types of SCRM strategy, and performance implications associated with SCRM than on the relative efficacy of alternative primary supply chain risk mitigation strategies in different risk contexts. Drawing on contingency theory, a conceptual framework is proposed that aligns well-established aspects of SCRM to present a rubric for matching primary alternative supply chain risk mitigation strategies (redundancy and flexibility) with particular risk contexts (severity and probability of risk occurrence). The paper aims to discuss these issues. Design/methodology/approach – Conceptual paper. Findings – The proposed framework addresses supply chain managers’ need for a basic rubric to help them choose and implement risk mitigation approaches. The framework may also prove helpful for introducing business students to the fundamentals of SCRM. Originality/value – The framework and associated research propositions provide a theoretically grounded basis for managing the firm’s portfolio of potential supply chain risks by applying appropriate primary risk mitigation strategies based on the specific context of each risk rather than taking a “one size fits all” approach to risk mitigation. An agenda for progressing research on contingency-based approaches to SCRM is also presented.

scholarly journals Reverse logistics risk management: identification, clustering and risk mitigation strategies

2020 ◽  
Vol 58 (7) ◽  
pp. 1449-1474 ◽  
Author(s):  
Hamidreza Panjehfouladgaran ◽  
Stanley Frederick W.T. Lim
Keyword(s):  
Risk Factors ◽  
Risk Management ◽  
Supply Chain ◽  
Reverse Logistics ◽  
Risk Mitigation ◽  
Mitigation Strategies ◽  
Supply Chain Risk Management ◽  
Supply Chain Risk ◽  
Content Type ◽  
Risk Mitigation Strategies

PurposeReverse logistics (RL), an inseparable aspect of supply chain management, returns used products to recovery processes with the aim of reducing waste generation. Enterprises, however, seem reluctant to apply RL due to various types of risks which are perceived as posing an economic threat to businesses. This paper draws on a synthesis of supply chain and risk management literature to identify and cluster RL risk factors and to recommend risk mitigation strategies for reducing the negative impact of risks on RL implementation.Design/methodology/approachThe authors identify and cluster risk factors in RL by using risk management theory. Experts in RL and supply chain risk management validated the risk factors via a questionnaire. An unsupervised data mining method, self-organising map, is utilised to cluster RL risk factors into homogeneous categories.FindingsA total of 41 risk factors in the context of RL were identified and clustered into three different groups: strategic, tactical and operational. Risk mitigation strategies are recommended to mitigate the RL risk factors by drawing on supply chain risk management approaches.Originality/valueThis paper studies risks in RL and recommends risk management strategies to control and mitigate risk factors to implement RL successfully.

scholarly journals Halal risk mitigation in the Australian–Indonesian red meat supply chain

2018 ◽  
Vol 9 (1) ◽  
pp. 60-79 ◽  
Author(s):  
Ujang Maman ◽  
Akhmad Mahbubi ◽  
Ferry Jie
Keyword(s):  
Supply Chain ◽  
Risk Mitigation ◽  
Control Point ◽  
Mitigation Strategies ◽  
Risk Level ◽  
Supply Chain Risk ◽  
Content Type ◽  
Qualitative And Quantitative ◽  
Risk Mitigation Strategies ◽  
Slaughter Method

Purpose This study aims to identify halal risk events, halal risk agents, measure halal risk level and formulate the halal risk control model (mitigation) in all stages in the beef supply chain from Australia to Indonesia. Design/methodology/approach This research combines qualitative and quantitative method. It elaborates nine variables as the Halal Control Point: halal animal, animal welfare, stunning, knife, slaughter person, slaughter method, invocation, packaging, labeling and halal meat. This study uses house of risk, a model for proactive supply chain risk. Findings The main mitigation strategies to guarantee the halal beef status in the abattoir is the obligation of vendor or the factory to issue a written manual of stunning tool. The priority of halal risk mitigation strategies for the retailing to avoid the meat contamination is the need of a halal policy for transporter’s companies and supermarkets. Research limitations/implications Every actor must be strongly committed to the application of halal risk mitigation strategies and every chain must be implemented in the halal assurance system. Originality/value This model will be a good reference for halal meat auditing and reference for halal meat import procurement policy.

A contingency framework on partnership risk

2014 ◽  
Vol 27 (4) ◽  
pp. 317-333 ◽  
Author(s):  
Tobias Krause
Keyword(s):  
Design Methodology ◽  
Risk Mitigation ◽  
Mitigation Strategies ◽  
Role Conflicts ◽  
Content Type ◽  
Risk Mitigation Strategies ◽  
Shared Equity ◽  
Relational Accountability ◽  
Agency Capture ◽  
Practical Implications

Purpose – The purpose of this paper is to analyze and compare the specific contingencies of partnership risk in shared equity public-private partnerships (PPPs) with the contingencies of privately held, loose related PPPs. Design/methodology/approach – Drawing on instrumental and relational accountability perspectives, the author formulates theoretical propositions on partnership risk. Findings – The author conclude that loose related PPPs are characterized by high expertise and a higher risk of contract incompleteness by reason of opportunism. Shared ownership PPPs are characterized by lower opportunism but stronger goal ambiguities and role conflicts. These relationships are threatened by political micromanagement, agency capture and bailout problems. Research limitations/implications – The study offers an analytical frame of propositions and provides avenues for further research on partnership risk. Practical implications – The author suggest risk mitigation strategies for tight and loose related PPPs. Originality/value – Identifying crucial contingencies from both an instrumental and a relational perspective, the study makes a contribution to cooperation research in PPPs.

scholarly journals Selection of effective risk mitigation strategies in container shipping operations

2019 ◽  
Vol 4 (4) ◽  
pp. 413-431 ◽  
Author(s):  
Chia-Hsun Chang ◽  
Jingjing Xu ◽  
Jingxin Dong ◽  
Zaili Yang
Keyword(s):  
Literature Review ◽  
Risk Mitigation ◽  
Paired Comparison ◽  
Fuzzy Ahp ◽  
Mitigation Strategies ◽  
Relative Importance ◽  
Container Shipping ◽  
Financial Loss ◽  
Content Type ◽  
Risk Mitigation Strategies

Purpose Container shipping companies face various risks with different consequences that are required to be mitigated. Limited empirical research has been done on identifying and evaluating risk management strategies in shipping operations with different risk consequences. This paper aims to identify the appropriate risk mitigation strategies and evaluate the relative importance of these strategies. Design/methodology/approach Literature review and interviews were used to identify and validate the appropriate risk mitigation strategies in container shipping operations. A questionnaire with a Likert five-point scale was then conducted to rank the identified risk mitigation strategies in terms of their overall effectiveness. Top six important strategies were selected to evaluate their relative importance under three risk consequences (i.e. financial, reputation and safety and security incident related loss) through using another questionnaire with paired-comparison. Fuzzy analytic hierarchy process (AHP) was then conducted to analyse the paired-comparison questionnaire. Findings After conducting a systematic literature review and interviews, 18 mitigation strategies were identified. The results from the first questionnaire show that among the 18 strategies, the top three are “form alliances with other shipping companies”, “use more advanced infrastructures (hardware and software)” and “choose partners very carefully”. After conducting fuzzy AHP, the results show that shipping companies emphasize more on reducing the risk consequence of financial loss; and “form alliance with other shipping companies” is the most important risk mitigation strategy. Originality/value This paper evaluates the risk mitigation strategies against three risk consequences. Managers can benefit from the systematic identification of mitigation strategies, which shipping companies can consider for adoption to reduce the operational risk impact.

scholarly journals Weather Risk Mitigation Strategies: A Contemporary Review and Its Application in India

2015 ◽  
Vol 2 (2) ◽  
Author(s):  
Mahuya Basu ◽  
Tanupa Chakraborty
Keyword(s):  
Risk Mitigation ◽  
Mitigation Strategies ◽  
Extreme Weather Events ◽  
Risk Exposure ◽  
Corporate World ◽  
Weather Events ◽  
Weather Risk ◽  
Risk Mitigation Strategies ◽  
Management Techniques ◽  
Mitigation Techniques

The corporate world has been hedging its risk exposure for decades. One of the most important systematic risk to which majority of the businesses is exposed to is weather. Weather not only affects agricultural output, but also the performance of majority of businesses in varying degree. With growing integration of capital and insurance market worldwide, innovative financial instruments are now available to hedge weather risk exposure successfully. With growing competition, corporates are also concentrating in managing these risks through several traditional as well as innovative risk management techniques including securitisation of both regular weather fluctuation and extreme weather events. The complexity and uniqueness of weather risk call for a detailed analysis of different mitigation strategies that are in use, and their applicability and acceptability in India. Accordingly, this paper focuses on the nature of weather risk and its unique characteristics and at the same time aims to review the use and effectiveness of several risk mitigation techniques.

Risk analysis and mitigation for perishable food supply chain: a case of dairy industry

2017 ◽  
Vol 24 (1) ◽  
pp. 2-23 ◽  
Author(s):  
Surya Prakash ◽  
Gunjan Soni ◽  
Ajay Pal Singh Rathore ◽  
Shubhender Singh
Keyword(s):  
Supply Chain ◽  
Food Supply ◽  
Risk Mitigation ◽  
Dairy Industry ◽  
Mitigation Strategy ◽  
Mitigation Strategies ◽  
Food Supply Chain ◽  
Content Type ◽  
Indian Context ◽  
Risk Mitigation Strategies

Purpose The purpose of this paper is to present a methodology to analyze the risks present in perishable food supply chain and to determine the most effective risk mitigation strategies. It is achieved by understanding the dynamics between various risks in perishable food supply chain and modeling them using interpretive structural modeling (ISM). Design/methodology/approach Four categories and 17 types of risk are established from literature and conducting brainstorming sessions with managers/engineers in Indian dairy firms. A methodology is proposed using ISM, risk priority number and risk mitigation number to prioritize risk mitigation strategy decisions for the dairy industry. Findings For a perishable food supply chain, risk positioned at lower levels (levels 1 or 2) in the hierarchy should be targeted first, while formulating mitigation strategies. To investigate further, risk- enabling factors which are identified for an Indian dairy firm for these levels 1 and 2 risks and mitigation strategy prioritization show that supplier side risks are more dominant followed by market risks and process risks. Research limitations/implications This proposed methodology has not been statistically validated or empirically tested, and factors taken are in the Indian context, but the authors believe that the study is highly relevant to other markets as well because the ISM-based analysis is for generic perishable food supply chain environment. Practical implications This study provides a useful approach to managers/decision makers to identify, analyze and prioritize risk in the supply chain. It also provides insights into the mutual relationships of supply chain risks which would help them to focus on the effective risk mitigation strategies formulation. The study provides the insights to benchmark and risk management in the dairy industry environment with priority considerations. Originality/value This paper provides an integrated approach to identifying, quantify, analyze, evaluate and mitigate the risks of perishable food (in the dairy environment) in the Indian context.

Development of a decision support system for assessing the supply chain risk mitigation strategies: an application in Indian petroleum supply chain

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Pradeep Kumar Tarei ◽  
Jitesh J. Thakkar ◽  
Barnali Nag
Keyword(s):  
Risk Management ◽  
Supply Chain ◽  
Decision Support ◽  
Support System ◽  
Risk Sharing ◽  
Risk Mitigation ◽  
Mitigation Strategies ◽  
Supply Chain Risk ◽  
Content Type ◽  
Risk Mitigation Strategies

PurposeThe purpose of this paper is to develop a decision support system (DSS) to assist supply chain (SC) risk managers to select a suitable risk management (RM) strategy and expedite the implementation of corresponding RM enablers. The relationship between RM strategies and RM enablers is explored by identifying the underlying factors between them, which is further used to build the DSS.Design/methodology/approachThe DSS is built by integrating heterogeneous techniques. A systematic review approach is employed to explore both proactive and reactive RM enablers, and they are further mapped to various RM strategies by using correspondence analysis (CA). An in-depth interview is conducted to develop the rules for constructing the decision system. A rule-based fuzzy inference system (FIS) is utilized to counteract the uncertainty involved in the decision variables. The efficacy of the proposed DSS is demonstrated by considering two conjectural scenarios in the case of Indian petroleum SC (IPSC).FindingsThe results reveal three primary underlying factors between the risk mitigation strategies viz. SC managers' preparedness to face risk, organization's resource capability to deal with risk and the sophistication of the implementation of the RM enablers; with explained variances of 37%, 29% and 22%, respectively. Risk avoidance strategy comprises of RM enablers such as supplier evaluation, technology adaption, information security, etc. Whereas, the risk-sharing strategy includes revenue sharing, insurance, collaboration, public-private-partnership, etc. as essential RM enablers. The DSS recommends risk-mitigation and risk-sharing as effective RM strategies for the IPSC under the considered scenarios.Research limitations/implicationsThis paper develops a decision support framework for recommending an effective risk mitigation strategy and outranking the corresponding enablers. The study explicitly focuses on the risk mitigation step of the supply chain risk management (SCRM) process. Pre- and post-risk mitigation steps of the SCRM process, such as risk assessment and risk monitoring are beyond the scope of this research.Originality/valueThe operational procedure of the proposed DSS is explained by considering a real-life case of petroleum SC in the Indian scenario. The unique contributions of this study are presented as theoretical implications and managerial propositions in the context of a developing country.

The moderating effect of project risk mitigation strategies on the relationship between delay factors and construction project performance

2016 ◽  
Vol 7 (3) ◽  
pp. 346-368 ◽  
Author(s):  
Suhaiza Zailani ◽  
Hazrina Aziz Md. Ariffin ◽  
Mohammad Iranmanesh ◽  
Soroush Moeinzadeh ◽  
Masoomeh Iranmanesh
Keyword(s):  
Risk Mitigation ◽  
Construction Project ◽  
Project Performance ◽  
Study Data ◽  
Mitigation Strategies ◽  
Negative Effects ◽  
Project Risk ◽  
Content Type ◽  
Risk Mitigation Strategies ◽  
The Relationship

Purpose This paper aims to explore the relationship between delay factors and construction project performance with respect to project risk mitigation strategies as moderators. Design/methodology/approach Random sampling was used to select the sample of the study. Data were gathered through a survey of 204 Malaysian construction companies. The data were analysed using the partial least squares technique. Findings The results indicate that environmental, resource and coordination issues negatively affect construction project performance. Project visibility and flexibility can mitigate the negative effects of both resource and coordination issues on project performance. Furthermore, supplier development can mitigate the negative effects of coordination issues. Practical implications The findings of the study will be useful for construction firms to complete construction projects timely, within a scheduled budget and with only minor defects if adopted. Originality/value This study is among the first to empirically test the moderating role of risk mitigation strategies on the relationship between delay factors and project performance in the construction industry.

Western corporates may trade growth for certainty

2018 ◽  
Keyword(s):  
Multinational Corporations ◽  
Risk Mitigation ◽  
Emerging Market ◽  
Mitigation Strategies ◽  
Risk Exposure ◽  
Content Type ◽  
Risk Mitigation Strategies ◽  
Corporate Risk ◽  
Returns On Investment ◽  
Risk Reporting

Subject Corporate risk mitigation strategies. Significance The sharp sell-off in emerging market (EM) equities and the perceived rise in geopolitical risk exposure among leading publicly listed multinational corporations (MNCs) portend a period of lower foreign direct investment (FDI), especially by Western companies, and lower returns on investment. Impacts Scrutiny of equity-based CEO compensation will increase. Calls will grow for enhanced ESG and political-risk-reporting standards among MNCs. A perceived rise in global geopolitical risk could present prime buying conditions for risk-tolerant investors such as the Chinese.

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