With global commerce so deeply intertwined, even the smallest wrinkle in the matrix can cause catastrophic affects. While supply chain disruptions are nothing new, it seems like they are becoming more of a norm than exception. Even as companies are still struggling with the impact of the 2020 COVID-19-related interruptions, curtailments and shutdowns, the hits just keep on coming. The recent images of the enormous Ever Given container ship wedged in the Suez Canal are some examples that hit in 2021.
But, the reality is, there will be more to come and manufacturers need to be prepared. Companies are finally awakening to the need to be more resourceful and more diversified in their supply chain planning and management. To reach those goals, Ken Koenemann, VP of Supply Chain and Technology at TBM Consulting Group and Dploy Solutions, provides five supply chain resiliency strategies manufacturers can implement now to regain control and be better prepared to navigate disruptions by using the right balance between cost, inventory levels and risk. These strategies include:
1) Put boots on the ground at key suppliers.
2) Look for alternative partners.
3) In-source what you can to become more self-sufficient.
4) Calculate your risk in real dollars and bake into your supply chain strategy.
5) Look downstream and consider your customers’ situations.
Discover insights into each of these strategies in the Supply & Demand Chain Executive article, “5 Ways to Maximize Supply Chain Resiliency.” Or download the article in PDF.