Mitigating the effects of current disruption on global operations provides an opportunity to assess the long-term advantages of implementing smart technologies and access to the right data.
As the second wave of COVID-19 spreads rapidly around the world, we're again seeing significant disruption to supply chains. Organisations should be reviewing inventory levels, identifying the scale and timings of exposure within their supply chain and the effects.
This time is also best spent managing wider risks through understanding the location risk across the supplier tiers and reconsidering having isolated supply chains. This is because it is important to avoid clustering suppliers in one region and particularly around similar supply chains.
Early visibility and warning of problems will increasingly give organisations a competitive advantage. 'Smart supply chains' are now supported by digital technologies such as data analytics. Data analytics and shipping track and trace platforms offers greater visibility and connectivity across the end-to-end value chain and can give early warnings of any problems.
The COVID-19 disruption has provided a clear message to all importers and exporters that these tools are essential to prepare for future challenges.
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