Looking to keep your supply chain running smoothly in 2025? 

You’re in the right place!

As an insurance broker, we understand your concerns. 

After all, getting your supply chain sorted is crucial for staying competitive.

A streamlined supply chain can mean lower costs, happier customers, and fewer headaches. 

However, Australian businesses, especially small and medium enterprises (SMEs), continue to face unique challenges, such as rising costs and extreme weather events.

For instance, more than two out of five businesses suffered from supply disruptions last 2022. That’s around 41%!

Also, climate change is expected to impact global supply chains, with the NSW government projecting that over million more days of work would be lost due to intense heatwaves by 2061.

Staying proactive is a must.

To help, we’ve got a practical checklist just for you.

See what you're missing, and get your supply chain ready for the year ahead.

[✓] Map Your Supply Chain

Document all your suppliers, logistics providers, and processes to spot bottlenecks. 

You can also download and use free templates from Austrade for mapping.

[✓] Adopt Digital Tools for Visibility

Implement software like Systems, Applications, and Products (SAP) or MYOB to track your inventory and shipments in real time. 

Try exploring the Internet of Things (IoT) devices for monitoring goods during transit, such as radio frequency identification (RFID) tags for inventory tracking or global positioning system (GPS) for fleet management.

[✓] Diversify Supplier Networks

Source from multiple suppliers to reduce reliance on single providers, and prioritise local or regional suppliers to minimise global disruptions.

[✓] Optimise Inventory Management

Use just-in-time (JIT) or demand forecasting to avoid overstocking.

At the same time, conduct regular stock audits to prevent shortages.

[✓] Enhance Logistics Efficiency

Partner with reliable Australian freight providers. 

Additionally, never forget to consolidate your shipments to lower costs and emissions.

[✓] Ensure Compliance with Modern Slavery Act

Audit your suppliers for ethical practices under the Modern Slavery Act 2018. Always remember to publish an annual modern slavery statement if required.

Plus, check and review other supply chains and network standards to stay compliant. 

[✓] Build Resilience with Contingency Plans

You must develop backup plans for disruptions, be it alternative routes or suppliers. 

And while you’re at it, do stress-test plans with scenarios like port delays or natural disasters.

[✓] Train Staff on Supply Chain Best Practices

If you have employees, provide training on inventory tools, compliance, and sustainability, and encourage cross-department collaboration for smoother operations.

[✓] Talk to an Insurance Broker

You can consult a broker to explore insurance options for supply chain risks, whether it’s cargo loss or disruptions.

Also, review policies to ensure coverage for natural disasters or supplier failures.

[✓] Monitor and Measure Performance

Track metrics like delivery times, costs, and supplier reliability to adapt to any changes.

Then, use insights to negotiate better terms with partners.

What’s Your Next Step?

Once all tasks are checked off, maintain your streamlined supply chain with affordable, online tools and constantly revisit your insurance coverage to stay protected.

Ready to streamline your operations and protect your business? 

You can read our blog for clarity, or talk with our team at Tank Insurance today.

Streamline your supply chain, stay ahead in a tough market, and make 2025 your best year yet!