The COVID-19 outbreak is having a distressful impact on the global economy and there are several procurement and supply chain challenges that businesses need to overcome quickly. Our procurement intelligence team is currently working with leading global procurement organizations across industries to support them in dealing with its consequences on the supply chain such as travel restrictions in certain geographies, logistics constraints, labor shortages, supply shortages, etc. We are offering customized solutions to help enterprises address supply chain risks and protect their supply chains from serious and costly disruptions. Our experts have also listed some key areas for managing supply chain disruptions.
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Key Areas for Managing Supply Chain Disruptions
Develop strategies to address global supply chain disruptions
In order to manage global supply chain disruptions, organizations must develop a comprehensive risk management strategy. Factors impacting the dynamics of international supply chains leading to increased uncertainty in logistics operations at the tactical, operational, and strategic levels must be analyzed to implement risk mitigation tactics. Risks associated with supply chains at a country level should be identified to understand the impact of COVID-19 on supply chains.
Ensure compliance with local laws
Companies having global supply chains need to deal with the uncertainty in local laws and cultural norms that may impact a business. The physical transport of materials and finished goods has come at a risk, increasing complexities and uncertainties. Understanding the current scenario and norms that impact supply chain operations, uncertainty in supplier reliability and lead times can help companies prepare effective action plans to mitigate supply chain disruption occurring due to pandemic.
Wondering how companies in different regions minimizing the impact of COVID-19 outbreak? Contact us, to gain comprehensive insights.
Categorize supply chain disruption strategies
Disruption of complex materials or components widely impacts supply chain operations. A comprehensive analysis of the supply chain is a must for assessing risks associated with holistic sources. Qualitative and quantitative analysis of supply chain risk is also critical for companies to maintain their speed to market.
Understanding different types of supply chain disruptions is crucial for companies to devise effective strategies. Stay a step ahead by requesting a free demo of our procurement platform to gain exclusive insights into risks.
How can SpendEdge Help you Manage Supply Chain Disruptions?
We can assist you with customized procurement intelligence solutions to help you gain deep-dive insights on topics such as:
• Ongoing Credible Updates on the current situation and developments – COVID-19
• Mitigation measures for overall country-specific supply chain operations
• Travel restrictions at a country level – Identification of Ports of Entry/Exit that are affected/vulnerable
• Government policies (import/export bans) and implications at a country level
• Second/dual/alternate sourcing options to mitigate supply chain risks
• Quick audit of second source supply chain
• Predictive models to assess country/region wide scale of impact
• Long-term assurance of supply consulting for direct materials
• Tracking commodity price movements and shortages
• Enterprise-level Business Continuity Roadmap Consulting
To know more about recent supply chain disruptions and the steps to mitigate them, request more information from our analysts.