The COVID-19 pandemic disrupted every aspect of life in 2020, with supply chain problems becoming a primary challenge for businesses across the globe. Interos, an AI-powered risk management platform, conducted a study in October 2020. They found that “more than 90% of companies expect the disruption of global supply chains caused by the pandemic will have long-lasting effects on their businesses, and nearly 98% of senior decision-makers in the United States alone believe that their organization’s supply chain has already been disrupted.”
The senior decision-makers included in the study noted challenges with demand reduction, shortages, price swings, and various other issues across their supply chains courtesy of COVID-19. Moreover, of the 450 senior-level personnel, 90% feared that these issues would continue with future waves of infection.
Today, the primary change is that companies are now experiencing higher demand in addition to all of the other issues. Moreover, we now know that these challenges won’t be going away any time soon. So now is the time for businesses to focus on building resilience into every aspect of their value chains.
It’s no secret that, right now, supply chains are a mess regardless of the pandemic. Businesses have seen nearly every disruption possible, from container shortages to bad weather and even a blockage in the Suez Canal. The way companies have managed to persevere and deliver to customers despite these issues is nothing short of inspirational. But, for many, it was an uphill battle every step of the way. Now Delta is adding more variation in an already volatile mix of circumstances, and these imbalances are expected to continue for another year at minimum.
Luckily, experts at PwC, Deloitte, The Wall Street Journal, and Supply Chain Consultants have been studying and working to uncover reliable ways to manage these ongoing disruptions effectively. It’s up to individual businesses to determine the right mix of resilience to build into their strategies, but all should focus on building it comprehensively into all areas of the company to minimize volatility.
Quest has put together an eBook outlining these recommendations to help you regain more control over your value chain. For example, resetting operations with greater digital capabilities and renewing logistics operating models can improve efficiency and effectiveness. Check out the eBook for more detailed information on how to boost your supply chain’s resilience despite persistent industry disruptions.