October 14, 2021
Resilience has found new meaning for business leaders and professionals across the global pandemic. Since the onset of COVID-19, businesses of all industries have grappled with significant changes to their operations, from remote working to supply chain issues. Moreover, these perhaps temporary operating policies are still being deployed to cope with the wider economic fallout of numerous lockdowns. Despite prevailing uncertainty, there is clarity in the connection between operational efficient and economic prosperity.
Business leaders are now asking how they can move forward from this experience and return to normal working environments. But the reality here is that supply chain crises are a likely occurrence and value is at stake. Research suggests that companies are met with supply chain disruption that lasts one month or more every 3.7 years, and the resulting losses are damaging.
Nevertheless, businesses can protect themselves from financial downside risks (like a future pandemic perhaps) and work for considerable economic returns from increased output and productivity. The success stories of the past two years saw reimagined and restructure operations and supply chain management to withstand more serious disruptions. Those leading the way with operational resilience are moving fast to digitize end-to-end operations and transforming business models to reach a high level of cross-functional flexibility. Furthermore, there is recognition that resilience isn’t exclusively about facing issues head-on, but instead building an environment of forward-thinking, using the tools of technology and digital transformation to be ready for the changes that might still be on the horizon.
As global supply chains become more regionalized, disruption to this chain has led businesses to rethink their make-versus-buy options to create greater flexibility across supply sources. Consider this, have you spoken to your suppliers to ensure they have a continuity plan in place? Having a detailed understanding of this level with certain aid in responding to future disruptions. This can also be achieved by end-to-end digitization, which allows businesses to have full visibility of the entire value chain. Moreover, integrating technology across the chain is likely to also achieve increased agility and responsiveness of operations.
Not even the most operationally resilient management teams could have predicted the widespread fallout of the COVID-19 pandemic. However, the seismic changes in customer expectation, demand patterns and industry structures are paving the way for equally seismic changes in business operations. Those that have withstood the past two years and emerged in a stronger position recognised that resiliency is a multi-faceted subject that needs to be continually considered for future prosperity.
As we emerge from the pandemic, the team at Netherside are here to support you and your business whether with strategic consultancy or for valuation. To get in touch, please reach out to us at firstname.lastname@example.org