A TACTICAL GUIDELINE TO MITIGATE RISKS THROUGH THE PANDEMIC AND PROTECT THE GLOBAL SUPPLY CHAIN FUNCTION
With the unpredictable wave of Covid-19 many companies, factories have been caught off guard with suddenly not having production or inventory for demand in the consumer angle and this outbreak has completely changed buying patterns and normal behaviours. Hence from industries that might not benefit at all demand perhaps has dropped substantially, to industries that have an overwhelming demand, but cannot and have not been prepared are suffering with grievous losses. From sourcing products to, labour/staff capacities and logistics barriers, supply chains and the leaders of supply chains feel the need to be equipped for such catastrophes more than ever.
This article is a call to action for companies that are currently not set up to withstand a major unpredictable event, such as the current coronavirus outbreak, to build a resilient supply chain in preparation for future disruptive instances.
– Seek different cost resilient trade offs.
– Developing routes to alternative suppliers.
(This also gives opportunity to localise production and sourcing)
– Enable visibility across the entire value chain to be ready for
future unforeseen crises.
– Digitisation of supply chains.
(Operations should not be dependent on physical assets as this might
face serious disruption when physical presence is not a possibility)
– Start early as supply chain initiatives may take a very long time to
implement and to roll out, so it is in a much better position to deal
with a future shock.
– At a time of global crisis it is important that your supply chains
are geared to showcase singular resourcefulness and adaptability.
A little thinking behind what we write….
Whilst the internet is flooded with everything “COVID” and
“economic crisis’, the objective of this article is simple; it is to
cope with the current situation at hand from the initial point of
occurrence through the point of damage control and abatement,
and to be hopeful for what the future might unfold.
Let’s learn the lessons and gear up to build futures, not drawn in
them and become the “overrated”. Let us all create the spark that
everyone is in need to experience the most.
RE-START, RE-FRESH, AND RE-THINK your way forward, every
day is a new day and let us all be hopeful.
School of Foreign Trade and Export Strategy – “together for a
-Carol. R Taylor-