COVID 19 Crisis and Building Supply Chains of the Future
May 14, 2020As the world has been grappling with the COVID 19 crisis, the economies across the globe suffered from unprecedented collapse, besieged with uncertainty about the macroeconomic outlook for 2020. The rapid outbreak of the pandemic has led to imposing of rigorous lockdown regulations across nations and organizations which halted production and impacted economies. The pandemic has invariably exposed the vulnerabilities of global organisations and more so of their fragile supply chains across most sectors and industries. Statistics revealed that 94% of Fortune 1000 companies witnessed supply chain disruptions due to COVID 19. Global supply chain disruption exposed in the wake of COVID-19 has underlined the reactive nature of business continuity plans of organisations. Source: https://www.supplychaindigital.com/supply-chain-management/accenture-building-supply-chain-resilience-amidst-covid-19 Current market volatility also underlined the significant role supply chains play in the overall success and valuation of global organisations. Undeniably, Supply Chain Management (SCM) is an integral part of every organization, be it small or big. SCM is an active management of supply chain activities which comprises of all end-to-end business processes that convert raw materials into final products. A more efficient and streamlined supply chain can help organisations to minimise costs, maximize customer value and achieve a sustainable competitive advantage over their rivals. Over the recent decades, with globalisation and its ever-increasing interconnectivity of markets, supply chains became immensely complex, with innumerable partners spanning multiple geographies and industries. As supply chains have globalized, decades of focus on supply chain optimisation to reduce costs and minimise inventories by just-in-time has diminished buffers as well as ability to absorb disruptions. The sudden outbreak of COVID-19 and the resultant global supply chain disruption have demonstrated the lack of supply chain visibility amongst leaders of the organisations. COVID-19 is widely seen as the ‘black swan’ event which reinforced the need to rethink and transform the traditional global supply chain model. Nassim Nicholas Taleb who coined the term ‘Black Swan’ and authored the book titled, ‘The Black Swan: The Impact of the Highly Improbable’, emphasized that as the world gets more connected, black swans are becoming more consequential. According to the statistics, black swan events such as Dot-Com Bust in 2001, Great Recession in 2008, etc., often occurred when they were least expected but caused huge losses to global businesses. To avert such catastrophic events in the future, global supply chain mangers should avoid perpetual reaction to future ‘black swan’ situations and take proactive approach to prepare for future unpredictable, yet inevitable disruptions. Global Certification – The Need of the Hour The business world is demanding skilled supply chain managers who could enact effective solutions to future-proof the businesses. Time is ripe for all professionals working in SCM domain who are aspiring to move up the ladder in this particular field. If you are among such professionals who wish to make the most of these uncertain times and upgrade your skills in the Supply Chain domain, learn the art of Integrated Supply Chain “from a trailblazing institution, Michigan State University (MSU), which invented the term ‘Supply Chain’ 60 years ago”. A Global Master Certificate in Integrated Supply Chain Management from MSU will equip you to build dynamic supply chain for your organisation. Stand out in this critical business discipline with credentials from MSU which was ranked #1 in Supply Chain & Logistics Graduate Programmes by U.S. News & World Report for 2018, 2019, 2020. This 100% online programme offers you a deep dive into the foundations of integrated supply chain management with a focus course in Integrated Logistics Strategy. Also, this comprehensive course will be a shot in the arm for most of the leaders in the Supply Chain domain who have grown up the ranks with only elementary or a rudimentary grounding of the modern supply chain. The course offers in-depth knowledge to improve their supply chain visibility and helps them evolve as a T-Shaped professional to play a strategic role so vital in the modern times. The exclusive programme also earns you credentials demonstrating competency and knowledge of all levels of the supply chain. Specially designed for working professionals, this flexible approach of the programme enables learning on the go, anytime, anywhere with live faculty facilitation. This programme enables you gain an integrated view of procurement, operations and logistics management and offers you requisite skills to devise the best supply chain design that drives the competitive advantage of your organisation. Join this unique global programme starting from 1st June 2020 which equips you to lead the supply chain of the future.