COVID-19 and the Future of Supply Chain
COVID-19 has had an extreme impact on global economies and has caused a quick shift in customer demand for many products and services. It’s fair to say the virus has tested the strength and adaptability of supply chains around the world, so how have global supply chains responded?
According to the BCI Supply Chain Resilience Report (where BCI member organizations were surveyed), “several of the results indicate signs of organizational and industry-level resilience coming from existing plans and arrangements, the innovative response that organizations have created in the midst of the chaos, or the ideas for future improvements.”
These improvements outlined in the report are projected to further enhance an organization’s supply chain resilience when put to good use.
MHI’s Transformation Age – Shaping Your Future Roadmap further predicts the effect of the pandemic on global supply chains stating, “Moving forward, in addition to technology investments, some organizations will choose to embrace a more regional-local sourcing, manufacturing, and delivery approach — what some call “nearshoring.” Others will be looking to diversify their supplier base. Still others will seek greater balance in inventory management, blending “just-in-time” with “just-in-case.”
To learn more about the future of supply chains and COVID -19 visit MHI View’s newest video update – COVID and Mobile Robotics.