How to Build Resilience Amid Supply Chain Disruption
According to Accenture, 94% of Fortune 1000 companies are experiencing supply chain disruptions due to COVID 19. Infor’s Josh Ferguson shares an article on sdcexec.com on how to bolster resilience in supply chain during this pandemic. There are four essential steps that enterprises should consider so they can respond and react with flexibility to continued supply chain disruption.
Step 1: Connectivity and digitization
“Organizations that connect their supply chain partners into a multi-enterprise business network can have access to real-time information, rapid access to capital, and enhanced shipment visibility.”
Step 2: End-to-end visibility
“End-to-end visibility, which offers insight into every aspect impacting inventory in the supply chain, is critical to resiliency.”
Step 3: Collaboration across partners
“The need for connectivity across all supply chain partners is so they can share data across the network and leverage embedded collaboration tools to improve decision making.”
Step 4: Institutional learning from previous setbacks
“The most resilient enterprises view every challenge as an opportunity to learn. They investigate every mistake, from quality mishaps to missed deliveries, to identify and eliminate core causes.”
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