Amid global disruption caused by the Coronavirus disease (COVID-19) pandemic, every industry must take a hard look at where it has felt the most significant impact and then work to remediate its effects.
It is easier said than done, of course.
When addressing the pandemic, the biggest problem with forecasting impact and determining potential solutions is that no one can predict what the world will look like even a few months from now. The limited visibility into the future makes it difficult to determine the outlook for many industries.
The supply chain segment, a segment nearly everyone across the globe relies upon in some way, shape or form, has not been immune to the effects of COVID-19. For example, the unexpected closure of a single shipping facility due to a COVID-19 outbreak could disrupt and have lasting impact through the rest of the supply chain. The supply chain, no matter how robust it may seem, is suddenly more fragile in the face of a global pandemic.
To best prepare for the “uncertain” requires a commitment to three, different strategies within the supply chain—digital transformation, adaptability and hyper-localization. All three enable supply chain executives to strengthen their supply chains, so that they are bullet-proof when unexpected disruptions occur. The pandemic is the most recent and most severe example of a supply chain disruption, but there are other unpredictable scenarios that could occur in the future, like natural disasters, that could easily have negative impact on the supply chain as well if an organization is not prepared for it.