From the smallest business decisions to the largest ones, risk influences all that we do. But taking a risk is not exactly like spinning a roulette wheel, where luck is the primary ingredient for success. With use of the right tools, risks can carefully be calculated, controlled and managed, greatly reducing the variable of bad luck.

Recently, I have been speaking about the global supply chain talent shortage in countries with over a 30-percent unemployment rate. The discussion of the lack of supply chain talent in countries where the attendees are struggling to find high-paying jobs feels awkward. For many, it almost seems surreal. They are fighting so hard for jobs for their families and friends. They are consumed by the fight. To hear someone talking about a talent gap in a field of high-paying jobs with good benefits is difficult for them to conceive. But, it is true.

Just as China leads the world in economic growth, consumer optimism in China is stronger than in the rest of the world.

A combination of rebounding sales and an unprecedented number of new models in the works has stretched the auto parts supply chain so taut that the entire industry is holding its collective breath that it does not snap and jeopardize the recovery.

Across industries, manufacturers pride themselves on quality but put top emphasis on reducing overall costs. And while these may seem like conflicting priorities, they can be explained by the concurrent demands of the internal economic drivers of an organization and the external customer requirements for quality and efficiency. As such, these priorities are here to stay, especially as the consumer becomes increasingly empowered and publicly vocal. In recent years, product quality and safety have become tightly integrated with traceability and supplier scorecards. But for manufacturers with foresight to proactively implement a comprehensive traceability system before a contamination problem occurs, there is an opportunity to provide their organizations with the ability to dramatically improve response time, implement corrective measures, and minimize repercussions to the bottom line and the brand, should a problem arise.