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COVID-19 has tested supply chains like no other crisis in recent history. Business leaders and supply chain managers are reposting quickly to sustain operations and support the workforce. A new opportunity presents itself to audit the supply chain so that it may be agile and resilient to withstand disruption. Actions taken now to mitigate impacts on supply chains from the pandemic can also build resilience against future shocks.
There are multiple end-to-end supply chain actions to consider. Here are a few that we have identified.
Digital
You may be tired of hearing this one, but many of the companies who have struggled or experienced devastated sales during the pandemic outbreak were at a disadvantage because they did not have the infrastructure to quickly adapt to the shifting landscape.
Many supply chains were unable to be responsive to changes in market dynamics. The outbreak revealed a need for data and analytics-enabled supply chains and the adoption of automation across the supply chain. This is imperative to recover from and navigate future disruptions.
Talent
There is a lot of talk about technology and innovation in the supply chain; however, the human component of supply chains will never be replaceable. The employees will be delivering results, design, and delivering the supply chain. While upgrading your supply chain, talent must be upskilled so that it is aligned with the supply chain's capabilities.
Vision
During this time, companies have gone back to their roots and taken a second look at their bottom line. It's important to establish your vision or reimagine your vision. Once you have done that you must translate that vision into value. This is much easier said than done. It requires overcoming resistance to change and the fear of failure. To advance your supply chain, this is essential to succeed.
Sustainability
The fact is, global consumers, seek companies that care about the environment. They are seeking to consolidate orders to reduce shipments, minimise the use of packaging, and delay orders so that they may be delivered in a sustainable fashion.
Traditional supply chain risk management and resiliency planning strategies no longer are enough and will fall short in today's environment. Companies that fail to act now and respond effectively will not successfully perform and as a direct result, they will move further away from their target customer base.
The supply chain must transform from being merely an execution function to a competitive weapon. With this in mind, organizations can transform their business model to sustain growth and navigate disruptions and build an agile, resilient organization.