Managing Supply Chain Disruption During COVID-19
Summary
Companies that relied on China as the sole supplier for products and raw materials have had to think about transforming their supply chain as the disruption is expected to continue in the next few quarters in the most optimistic forecasts. Recent reports by consulting firm Bain & Co show how resilient supply chains can grow competitive advantage. Revenue growth is accelerated with a 40% – 60% decrease in the product-development cycle, lower operating, and transportation of costs, and a 20 % – 40 % increase in inventory turnover. Bain’s research shows that companies can reduce the effects of disruption by investing in advanced analytics to improve planning and forecasting. Companies can use the opportunity to assess their networks and weaknesses and reimagine their supply chain with the help of technology, building strength, and resilience to any challenges the future may bring.
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