Business leaders , struggling to get essential raw materials , components and other parts , are realising that they failed to pay enough attention to suppliers and their procurement function
Daniel Weise Global leader of Boston Consulting Group
BC : You talked about black swan events and grey rhinos at BizClik Media Group ’ s recent Procurement & Supply Chain LIVE show – tell us more ? DW : ‘ Grey rhino ’ is the expression coined by business writer Michele Wucker to describe a highly probable , highly predictable , high-impact event . She came up with this idea as a contrast to Nassim Nicholas Taleb ’ s ‘ black swan ’: a random , highly improbable event . So often , business leaders rush to identify an unusual event , such as a pandemic , as a black swan event . They do so to explain away their failure to anticipate and prepare for the event and its negative impact on the company . But really , a pandemic or a tsunami or a cybersecurity breach or a
84 July 2022