According to World Economic Forum, COVID19 is the black swan event of this century. It has seen unprecedented sharing of information and subsequent collaboration between nations in all continents from a health care perspective. There is a lesson here for Supply Chain professionals: deeper visibility & collaboration is critical to overcome Supply Chain disruptions.
Disruptions often become catalysts for change. Digital supply chains have been on the horizon for some time now with enabling technologies like Blockchain, IoT & AI. This is the right time for Supply Chain leaders to act; to leverage technology to transform their supply chains – not only to overcome the COVID19 disruption but also to prepare their Supply Chains for the future.
- COVID-19 is expected to have a significant and long-lasting effect on global supply chains, which in turn will have a huge impact on the global economy, businesses and consumers alike.
- 94% of Fortune 1000 companies are already experiencing supply chain disruptions caused by COVID-19.
- There are 3 ways supply chain leaders can prepare for the post-COVID-19 economy.
1) Create transparency in multi-tier supply chains
2) Estimate Inventory & Demand – upstream & downstream
3) Identify and secure capacity
*The role of blockchain technology in supply chain management was one of the main topics addressed at TradeUSA’s annual conference, ExportUSA Forum. You may see more about 4th ExportUSA Forum “Exporting in a Shifting World” here. This year’s forum is planned to take place on November 23, 2020. Save the date and stay tuned.