As another week passes by, there’s another raft of new pandemic rules and restrictions to get used to. There’s more confusion about what is the best course of action to take in your work, family, or home life. Clearly, it’s just not possible to plan properly in the long-term. At least not in the way we used to. What we can do, during the current upheaval and uncertainty, is to make reasonable, sensible, and strategic adjustments in our day-to-day lives and working practices that will help mitigate the impact of the pandemic on our businesses, our jobs, and our lives in general.
Supply chains can be complex at the best of times. With COVID-19 added into the mix, businesses are having to be more flexible and resourceful than ever. Read on for some straightforward and actionable tips on how to manage supply chains during the coronavirus pandemic.
Evaluate the ongoing risk of your supply chain
No doubt, companies that sell or supply impacted countries such as China will have already addressed this point. Even if you aren’t worried about your supply chain, it’s worth taking the time for a second look at the risks you are exposed to. If you have any concerns, seek expert guidance to make sure you have a good understanding of the country’s risk profile and how it could affect your staff and business. Reinforce screening protocols where appropriate and consider restricting non-essential travel to these areas. Get a thorough idea about the potential impact on demand and supply and prepare for potential changes in channels and logistics. Put contingencies in place, where possible, and keep lines of communication well and truly open with all your supply chain.
Utilize the best digital technologies
The pandemic has highlighted the need for the procurement and supply chain sector to ensure they are using the right technologies to protect operations and revenues. Companies must adopt tech that provides complete visibility right across the supply chain and move from traditional linear models to digital supply networks, or DSNs. These technologies, which include the Internet of Things, AI, 5G, and robotics, help to provide this vital visibility. They also help to enhance collaboration and make the business and its employees far more agile and resilient.
Learn from past mistakes to build stronger business continuity strategies.
Right now, the smartest companies are those that are learning from their mistakes and creating robust business continuity strategies to minimize future impacts. They are also seeking to diversify supply chains geographically to provide contingencies and ensure resilience. Alongside these tactics, you could also consider reviewing current inventory strategies and think about how reliant you are on individual suppliers or clients.
It’s a good idea to use business modeling when formulating continuity strategies. This method helps identify opportunities for improvements in your workforce, logistics, and resources more effectively and efficiently. In addition, it helps control costs. Modeling can also assist with building a tiered base of suppliers and/or services to map patterns in supply and demand. Make sure you take into account the impact of delays from your supply chain or from clearing customs - particularly if you are dealing with new territories as a result of diversifying your supply chain.
By employing these tactics, as well as adopting the technologies to provide that all-important visibility, you can effectively identify areas of risk and take the most appropriate remedial action. Ultimately, you can build stronger business strategies and respond rapidly to future upheavals.
We hope these tips have helped you discover some effective ways to improve your supply chain and business operations during this pretty unsettling time. As with all business challenges, carving out time to review your current tactics and strategy, and learning from your mistakes is key to your success. By taking this important step back you can identify smart, actionable ways to improve your business processes and continuity. While we can’t predict what will happen next, at least we can be sure we are as prepared as possible.
Would you like us to hold onto your details so that we can keep you up to date with relevant opportunities?
Copyright (c) 2019 Bramwith Consulting. All rights Reserved.
Site designed and built by Venn Digital