Desperate situations call for desperate solutions, and it is our responsibility to set a new standard. Business continuity is critical and it is the supply chain that must adapt to this unique time, as the pandemic has dealt many companies a severe blow. Supply chain management (SCM) makes it easier for companies to maintain a fast production cycle and optimize product value, which is essential for creating a competitive business landscape. The coronavirus has embarrassed the world by disrupting the supply chain.
Here are some tips on how to keep your supply chain running during a global pandemic:.
If the pandemic continues to disrupt the supply of raw materials needed to manufacture many different products, it will be much more difficult to keep trade going. A longer lead time will push your customers to other alternatives, and it will be hard to find them. To do this, you need to find alternative sources for your products to sustain your business. Compile a list of suppliers based on their geographical location and carefully evaluate the critical factors to find the one that offers the best value for your business.
Inventory tracking is essential to reduce lead times and speed up inventory management. Advanced inventory management software enables the exchange of forecasts, demand, material requirements and new product information, reducing inventory levels and costs. There are several inventory management solutions that can help you control the entire inventory management process, from forecasting demand to managing customer issues and constraints.
Automation in post-pandemic industries will likely cause small and medium-sized businesses to move their operations to the cloud or the Internet of Things to track inventory and purchases and exchange information between manufacturers and retailers. The cloud enables manufacturers to grow their business, reduce costs, predict future/new demand, optimize productivity, reduce lead times, and establish a centralized knowledge base.
Supply Chain Logistics Accounting
In addition, an interruption in the entire supply chain can have a negative impact on customer service. The supply chain requires a multidimensional approach to transportation, based on the time the goods are in transit. Active transport is essential for managing the supply chain to meet demand.
Communication between suppliers, vendors and customers
An open communication channel is necessary to receive timely information about what is happening in production, delivery delays, customer expectations, changes in production and price adjustments. Your company needs to be flexible and position itself to satisfy your stakeholders.
Companies need to quickly assess, recover and cope with the challenges of the COWID epidemic 19. The above tips are just some of the things you need to protect your company’s supply chain from an unprecedented event. A reliable and sustainable supply chain will also keep your business running for many years to come.