This report focuses on the short-term actions companies can take to respond to business disruption and supply chain challenges from the global spread of COVID-19 ─ and looks ahead to the longer-term solution of digital supply networks.
COVID-19 has been the unforeseen event of the decade and had a negative impact on global supply chain. Unfortunately this forces many companies & industries to rethink and transform their global supply chain model. One thing is certain: It has just uncovered the weakness of numerous organizations, who have a high dependence on China for their production & trading needs.
For a fact any major disruption in global supply chains has a dominant influence of china. Highlighting this is the fact that more than 200 of the Fortune 500 companies have a presence in Wuhan, where this noble coronavirus originated.
Amid of this coronavirus outbreak, here is how companies can safeguard their supply chain operations:
The traditional approach on supply chain optimization to minimize costs, reduce inventories, and improve asset utilization is no more shock fee to absorb disruptions like COVID-19 and this magnifies many companies are not fully aware of the vulnerability of their supply chain.
Fortunately, new startups & few large organizations are working on supply chain technologies that dramatically improve visibility across the end-to-end supply chain. The traditional linear supply chain model is now in process of transformation to digital supply networks (DSNs), where organizations are more connected to their complete supply network to enable end-to-end visibility, collaboration, agility, and optimization.
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