TECH & AI
During this ongoing era of disruption , attention in the supply chain space has turned to resilience .
Businesses are continuing to explore alternative options for sourcing , storage , transit routes and delivery mechanisms in what is , in certain cases , a desperate bid to ensure their operations can withstand disturbances .
If it was not crucial before , taking the right approach to demand and inventory management has , over the past few years , become utterly integral to well -functioning supply chains .
In fact , one can rewind the clock to the dawn of the COVID-19 pandemic to find a pivotal turning point in this space .
In its latest report covering major supply chain trends and challenges , Efficio stresses that , prior to the pandemic , just-in-time ( JIT ) inventory management was seen as a cornerstone of efficient supply chain practices due to its ability to help minimise working capital , enhance flexibility and optimise cash flow .
However , as sweeping restrictions and lockdowns were enforced , its vulnerabilities were exposed , with a reliance on minimal buffer stock levels leading to widespread supply chain disruptions .
“ Things are much less challenging today than they were at the height of the pandemic ,” asserts John Carter , Principal Consultant at Proxima , the specialist procurement and supply chain consultancy forming part of Bain & Company . “ However , while the day-to-day panic and overall scrambling
246 October 2024