How Are Manufacturers Building Supply Chain Resiliency
How can manufacturers build better supply chain resiliency to cope with the effects of the COVID-19 pandemic and successfully overcome future challenges? Read our blog to find out.
As manufacturers prepare for the challenges that lie ahead, they are being forced to take a closer look at supply chain resiliency. They are considering ways to build robust, tech-advanced supply chains and solutions that can withstand various shocks.
The impacts of the COVID-19 pandemic have disrupted several industries, especially the manufacturing sector. The changes in demand and supply mean that manufacturers have to devise new strategies for creating and maintaining supply chain resiliency.
The Five Vital Strategies
As major stakeholders of the supply chain work around the clock to create more resiliency, manufacturers have taken a rather systematic approach. This path to resiliency has prompted them to invest in different individuals, processes, and tools. And of all the means employed, five main frameworks have emerged effectively for building supply chain resiliency.
Agile Networks
The primary measure needed to improve resilience in the supply chain is a setup of end-to-end visibility. This means implementing measures to promote network ability by mapping out all supply chain participants, including various suppliers at different locations.
Digital Partnerships
Improved visibility can only be successfully deployed through the effective use of technology. There are several sophisticated digital tools at the disposal of manufacturers, and partnerships are some of the most effective ways to leverage most of these digital tools.
Visible Networks in Real-time
A resilient supply chain’s effectiveness, like the ability to quickly adjust and give manufacturers the upper hand, is usually put to the test during times of difficulty, uncertainty, and system failures. Real-time visibility can provide adequate traceability and time to respond or react promptly to business changes.
Rapid Generation of Insights
Taking full advantage of real-time network visibility means improving the value chain after you generate valuable insight from data collected from the network. This allows manufacturers to easily deal with planning, operational, and production challenges that arise.
Effective Teams
Realizing the goals of resiliency involves more than just technological tools and systems. Teams also need to actively participate in building solutions that align with the primary goals of resiliency.
Change is here to stay, which is something most, if not all, business experts agree with. Therefore, manufacturers are leading the way to find new and innovative solutions to the challenges posed by COVID-19. Finding lasting and practical ways to achieve supply chain resiliency will form the foundation for future success.
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