Global supply chain has thoroughly disrupted amid Covid-19 pandemic. The challenges facing purchasing and supply chain management are plenty. Analyzing ways to cope with the risks is the only remedy to withstand the pressures of the pandemic. Indeed, adding some resiliency in to the system helps industries slowly wade through the current situation. Fret not, here we shall discuss a few takeaways to tackle the supply chain problems in 2020.
· Build strong relationship with key suppliers
· Rely on alternate sources of supply to avoid shortages in raw material
· Use of modern technology like Artificial Intelligence (AI), blockchain, Internet of Things (IOT)
· Address cyber security issues
· Effective communication with suppliers
· Adjust the production scheduling in cases where delay in delivery of raw materials is expected.
An effective risk mitigation has to be in place alongside relying on the above foolproof solutions. The impact is visible in all supply chain operations but all we can do is to reduce its effect through all possible measures so that global supply chain problems cannot pose a threat for a very long time while the world fights back against the crisis.