The COVID-19 pandemic may have been the catalyst for the ongoing supply chain crisis, triggering economic slowdowns, layoffs, and interruptions to production, but it is certainly not the whole cause. Modern supply chains are complex, and what happens within them reverberates across the worldwide economy.
Supply chain disruptions are inevitable, and proactive leaders must do whatever they can to build resilient global supply chains now to navigate an uncertain future. This month’s newsletter provides guidance.
The pandemic triggered supply chain disruptions that continue to reverberate globally. Resilience requires the ability to detect, respond and recover from changes in the supply chain whatever they look like and wherever they occur.
To really thrive during crisis periods, you need access to accurate, timely data; you need to be able to gather and analyze that data quickly; you need to identify and understand supply chain risks and opportunities, and you need to respond quickly to ensure optimal outcomes.
Only 21% of respondents to a recent Gartner survey said they have a highly resilient supply network, and around half said they expect to reach a high level of resilience within the next two or three years. Although resilience comes with extra cost, the cost of doing nothing can be catastrophic.
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Building Your Resilient Enterprise? Don’t Forget Cybersecurity!
With the combination of a hastily reactive working-from-home model and acceleration of customers’ digital interactions, cyber-criminals took advantage of the exposed weaknesses in systems and processes. It’s time to expand the definition of resilience to include cybersecurity.