CIPS - HOW TO BUILD SUPPLY CHAIN RESILIENCE
• Prioritise high risk sources and do a deep dive into the implications for your business .
• Any businesses single-sourcing from one country need to investigate whether this is the safest strategy .
• Interrogate your supply chains beyond the first few tiers with a particular focus on identifying critical suppliers who may no longer be financially viable .
• Ensure you have real transparency of what is going on in your supply chains .
• Evaluate the benefits of investing in systems which provide better data not just to improve efficiency and take faster decisions but also to give greater transparency .
• Use a mix of forecasting tools and develop relationships with suppliers ‘ on the ground ’.
• Look to form alliances even with competitors to reach a win-win situation for all .
• Ensure you have the necessary capabilities and train / develop your function to meet the increased business requirements .
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With the future of the industry in mind , Harrison believes the supply chain must remain vigilant and build resilience to guard against a potential second wave of the coronavirus or any other pandemics over the coming years . “ Shocks to supply chains do happen such as volcanoes and tsunamis , and skilled , up-to-date professionals know this . The pandemic may have been the most challenging of all , but risk has always been with us and trained professionals understand resilience is key to keeping organisations afloat ,” affirms Harrison . “ Any businesses single-sourcing from one country should be one of the first steps as so many were caught out when the virus first hit China .”
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