As businesses continue to face economic turmoil globally, supply chains experts are facing unique stress and are drawing an increased level of analysis. Nobody expected a virus wreak havoc for many industries and their supply chains. This major breakdown encouraged an industry-wide awakening that was decades in the making. Although businesses tried to adapt with new challenges on a daily-basis, most pushed long-term investments to the side and focused on issues which were more immediate in nature.
Now in 2021, with the apex of chaos fading in the rear-view mirror, businesses can start unpacking the lessons learnt in order to move forward. But it’s essential to understand the shortcomings exposed in 2020, largely stemmed from an over-dependency on the concept of resiliency. The concept mostly depended on out-of-date technology that hampered visibility and decision making, while also recommending pocket heavy solutions that most organizations avoided in the race to get their products out the door as fast as possible at the lowest possible investment. As a result of these practices, supply chains collapsed when demand fluctuated. The crisis has set the stage for a new age in supply chain and logistics management – one which identifies the serious flaws formed by these outdated practices and replaces them with precise processes and latest technologies.