The next thing companies must consider is how they can optimize their employee’s productivity and ability to distribute their product. This helps ensure employee safety and maintains a level of constant communication with teams to make sure everyone remains healthy.
If companies can identify where they can accelerate new logistics capacity, they can increase productivity and customer satisfaction for their company. Businesses must also be flexible on the transportation modes.
Lastly, companies must manage their cash flow and net working capital. Run stress tests to get a full picture of potential supply-chain issues and the impact they will have on your business financially.
After you address the current issue with supply chain management, how can you build a plan for your company to be successful in the future?
Begin by establishing a supply-chain-risk function that reviews the risk, continuously updates potential risk-impact and remediation strategies, and oversees the risk governance.
You should also use the nerve center established above to monitor any vulnerabilities within your supply chain. Work to digitize any supply-chain management functions you can to increase speed accuracy and flexibility.
Lastly, consider your vulnerabilities and identify the places that could be affected. This could include your supplier network, the transportation network, financial flexibility, product components, and organizational responses to these disruptions.
Our team at TGG wants to help your company plan for the future. Contact us for a 15-minute evaluation of your financials.