The Importance of Supply Chain Resilience in Times Of COVID-19
We live in a world of rapid and constant changes across various economic sectors, both in Mexico and globally. Interruptions in economic activities imposed by health authorities cause economic activity cycles to shift.
However, there are products that must continue to reach consumers, and others are preparing strategies to restart as soon as possible. What dynamics will such resuscitation have? Most likely, they will involve higher inventories and shorter value chains. In a long value chain, the chances of an incident occurring somewhere on the planet are very high. For instance, consider the Fukushima incident in Japan, where Japanese suppliers failed to fulfill orders on time, affecting the downstream value chain.
This leads us to reflect on the importance of resilience in supply chains. Unexpected events, such as natural disasters or pandemics, can have a significant impact on the global supply chain. Therefore, companies must be prepared to adapt quickly and find ways to mitigate risks. Implementing strategies such as Nearshoring, supplier diversification, and investment in technology can help strengthen the resilience of the supply chain.
Furthermore, maintaining open and transparent communication with employees, customers, and business partners during times of crisis is crucial. Collaboration and coordination among all stakeholders are essential to overcoming challenges and maintaining business continuity.
In summary, while we face times of uncertainty and change, we also have the opportunity to learn and grow from these experiences. By focusing on resilience and adaptability, we can build stronger supply chains prepared to face future challenges.
By: G. Canales
