21 Apr 2020 -
 General

Pandemic supply chain mitigation: focus on long term now

Companies must shift their focus to medium and long-term responses and gain the mental readiness to see them through the crisis, says an article in EPS.

“As the spread of the coronavirus outbreak continues on a meteoric rise, and its toll on human health mounts, the economic effects of the crisis are lining up,” says EPS, adding that businesses are tasked with many issues to address.

Their suggestions for mitigating the coronavirus impact are summarised as:

  • Estimate all available inventory to gain an insight into the worth residing in their value chain. Overall, the goal is to ascertain that the theoretical value of inventory is indeed realistic.
  • Understand supplier risk. Businesses must determine which suppliers, products and sites are at risk, extracting useful information to highlight most critical suppliers.
  • Optimizing production analysis to determine the possibilities of building a team that cuts across different functions, highlighting products offering the highest values, based on present and future projections and earning potentials. Priority should be given to such products, so long the health risk is minimized.
  • Regular forecasting. Businesses will need to engage all probable forecasting to highlight the foreseeable financial future, on monthly as well as daily bases.
  • Retain an overall positive attitude towards overcoming the crisis, and a sustained preparation for the aftermath of the crisis.

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