The global economy has been severely affected by current events, and companies have had to pivot strategies across the board. Supply chains are feeling the strain of the past six weeks’ stay-at-home orders, and businesses must now consider inventory management from a risk perspective. The risks associated with COVID-19 are highly unusual. Still, existing procedures can be utilized to address key pain points within the supply chain and applied to future operations once the economy recovers.
As most business owners will tell you, supply chain management is a crucial part of daily operations. It establishes secure communication and relationships with suppliers, helping to avoid shipment delays and minimize logistical errors. According to a study from the Institute of Supply Chain Management, “75 percent of companies report supply chain disruptions in some capacity due to coronavirus-related transportation restrictions, and more than 80 percent believe that their organization will experience some impact because of COVID-19 disruptions.”
However, steps can be taken to mitigate the negative impacts caused by the global pandemic. It is essential to bring together all of the responsible parties to review your current and future distribution plans. Some areas to be addressed might include:
- Stock Levels
Knowing when, how much to order, and where to maintain supply inventory quickly can become a complicated process. We’re here to help streamline the process so you can focus on your business while the economy recovers. Give us a call at 617-970-3756 or send an email to email@example.com to discuss next steps.