The coronavirus pandemic has laid bare the vulnerabilities of supply chains across all industries. In fact, as businesses resume activities, one of their main priorities should be building supply chains that are more robust and resilient than before.
From ideas to form a crisis management team to reasons why you should expand your supply network, use these guidelines to bolster your supply chain and ensure business continuity for your organization.
Create a Crisis Management Team and a Crisis Playbook
Every company should have a crisis management team that runs business continuity drills and develops a crisis management playbook. Taking these steps allows companies to respond quickly and efficiently in the face of circumstances that can potentially disrupt supply chains locally or globally. These are some useful guidelines if you are planning to set up a crisis management team:
- Clearly distribute roles and responsibilities.
- Establish standard communication channels with stakeholders.
- Make frequent drills
- Plan for different types of challenges (cybernetic, natural, etc.)
Digitizing supply chain processes can seem like a daunting challenge, but the potential rewards are well worth the effort. It’s advisable to digitize every aspect of the supply chain, from forecasting and inventory to supplier relationships and outsourcing. Digitizing is a way to make processes more robust in a way that also empowers employees. This has the added advantage of providing a wealth of information you can use to make more informed decisions both in emergencies and under normal circumstances.
Diversify Your Supply Chains
Avoid single-source relationships and make an effort to expand your supply network. Developing a dependable relationship with a supplier takes time and effort. Therefore, it’s a good idea to start building those connections before you need them. And don’t stop when you find new suppliers. In addition to them, make a list of backup suppliers you can resort to under exceptional circumstances that put pressure on your supply chain. The benefits of having a diverse array of suppliers include:
- Reduced risk
- Greater protection against disruptions of all types
- More potentially convenient options
- More business opportunities
Here at the Greater Riverside Hispanic Chamber of Commerce we are committed to supporting small businesses and economic development with advocacy, business referrals, marketing opportunities, training programs, student internships and scholarships.