Blue Ocean Academy has conducted a free webinar on the topic ‘Managing supply chain risk and disruption’. Around 100 professionals attended the webinar.
Following are the important points discussed in the webinar:
COVID-19 was an unprecedented crisis that affected the supply chain management of several organizations. Earlier, companies considered that the flow of raw materials will be continuous if they have contracts. However, the crisis has proved that the contracts and agreements are of no use when a global disruption occurs. The event has forced many companies, and industries, to rethink and transform their global supply chain model. It has also exposed the vulnerabilities of many organizations, especially those who have a high dependence on China to fulfil their need for raw materials or finished products.
How can organizations respond to the immediate change?
For companies that operate or have business relationships in China and other impacted countries, steps may include:
Educate employees on COVID-19 symptoms and prevention
Reinforce screening protocols
Prepare for increased absenteeism
Restrict non-essential travel and promote flexible working arrangements
Align IT systems and support to evolving work requirements
Prepare succession plans for key executive positions
Focus on cash flow
For companies that produce, distribute, or source from suppliers in China and other impacted countries, steps may include:
Enhance focus on workforce/labor planning
Focus on Tier 1 supplier risk
Illuminate the extended supply network
Understand and activate alternate sources of supply
Update inventory policy and planning parameters
Enhance inbound materials visibility
Prepare for plant closures
Focus on production scheduling agility
For companies that sell products or commodities to China and other impacted countries, steps may include:
Understand the demand impact specific to your business