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Is It Time to Rethink Globalized Supply Chains?

The global pandemic COVID-19 is a huge wake up call for all businesses and managers and it has shown with complete ruthlessness that it is time for us to develop the resilience for any future shocks that might come our way.

Because of the fact that the pandemic broke out in China and has had a major impact on Chinese manufacturers the impact of this being felt all around the world because of the major role that China has been playing in the global supply chain. When it comes to electronics and the automotive industries this can be felt rather harshly while other sectors like pharmaceuticals, metals, surgical gowns and masks, consumer and industrial products are also affected nonetheless.

The main reason for this break down now is the fact that we have become so dependent on the supply chains. So how can we get through this?

Regionalisation can be considered

This is one measure that can be taken. It is important that we try and localise the supplier base as much as possible. It is no longer a wise move to rely on one international supplier for all that is needed. Rather, if the possibility is available, it would be smart to try and get a local supplier for the supplying purposes.

Developing additional safety stocks and secondary sources

If you want a greater amount of supply chain resilience, there may be an additional cost to bear but you can certainly make that timely investment in additional safety stocks and secondary supply sources. There are challenges here though such as the fact that the supply concentration will be mostly driven by the scale of economies involved in the manufacturing process, the capabilities of your chosen supplier and the location of the available resources. If you can evaluate how much safety stock is needed and whether you can economically source it, this is something worth looking at.

As we are looking at major changes in the global supply chains, having the right educational and professional qualifications can certainly help you get there. At 1Training we offer you a host of programmes that are accredited by CPD in order to accomplish this.

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