In a survey conducted by Oxford Economics, 94% of the Fortune 1000 companies are experiencing a disruption in their supply chains as a result of COVID-19. Aside from worrying about the effects of the pandemic, people around the world are thinking about different scenarios. And it seems like the majority of people are thinking that there will be a “new normal" in the Supply Chain Industry.
DISRUPTION IS THE NEW NORMAL
With recent events currently impacting day-to-day life across the globe, no country or business is immune to the disruption that COVID-19 continues to cause across the globe. Deeply worrying as COVID-19 is, epidemics are just one of the few disruptive events that can hit supply chains unexpectedly. Other threats to supply chains in recent years have included cyber-attacks, trade barriers, and suppliers of commodities falling into distress.
In short, supply chain disruption is a great risk to companies, especially in the highly globalized age. The supply chain industry needs to transform its business model to a more proactive and holistic response to future disruptions.
BUILDING THE NEW NORMAL
Businesses are now the middle of transforming the supply chain to a “new normal” – with these three key areas.