Many companies offered remote working options before COVID-19, but others didn’t. Based on April data, Gallup reports that 62% of American workers worked from home due to coronavirus concerns. Adopting new technologies, like cloud-based systems, artificial intelligence, and automationĪccording to Gallup, a management consulting and analytics company, 43% of American workers worked off-site at least sometimes in 2016.Developing buffers and redundancies by increasing back-up inventory levels.Shifting from a just-in-time to just-in-case supply chain model.Supply chains can also become more resilient by: Some of the ways it suggests leaders build resilient supply chains include empowering their teams and improving network flexibility. COVID-19 Impact on Supply Chain Survey Results, Shipping and Freight Resourceīain & Company, a global management consulting firm, cites the long-term importance of supply chain resilience in dealing with disruption and risk. In fact, roughly 67% of Shipping and Freight Resource’s survey respondents noted that they’d invest in technology to aid the recovery of their supply chain. Adopting cloud-based technology is a big opportunity for businesses to improve their supply chains and prepare for future disasters. In response to COVID-19 operational disruptions, supply chains must become more agile. When asked how prepared they were for the COVID-19 crisis, about 35% of Shipping and Freight Resource’s survey respondents said they were “not at all prepared,” while roughly 54% said they were “somewhat prepared.” Only 7.5% of survey respondents felt “completely prepared.” For example, Bacardi helped produce hand sanitizer, New Balance started making masks, and Volkswagen produced personal protective equipment for medical workers. Others pivoted their operations to accommodate rising demand for products. Some businesses were better prepared to manage the operational disruptions caused by the coronavirus. The impact of COVID-19 has greatly tested supply chain’s adaptability and resilience. When asked about their supply chain adaptability, 37% of respondents identified with “Partial supply chain shut down with significant freight delays.” Only about 14% of respondents identified with “Supply chain has been able to adapt with no problem.” COVID-19 Impact on Supply Chain Survey Results, Shipping and Freight Resource COVID-19 Impact on Supply Chain Survey Results, Shipping and Freight Resource Some of the factors impacting supply chains, as noted by Shipping and Freight Resource’s survey, include: decline in volume (71%), delays in transit (61%), port to customer delays (49%) and insufficient capacity (39%). According to survey results, nearly 59% of respondents said their operations were “significantly affected” by the coronavirus. For example: “At least 51,000 (163 Fortune 1000) companies around the world have one or more direct or Tier 1 suppliers in the impacted region, and at least five million companies (938 Fortune 1000) around the world have one or more Tier 2 suppliers in the impacted region.”Ī survey conducted by Shipping and Freight Resource, a shipping and freight news and content outlet, asked 300 professionals around the world about the impact of COVID-19 on their supply chains. COVID-19’s impact on supply chainsĪ February report from Dun & Bradstreet, a commercial data and insights corporation, notes that supply chains around the world were impacted by the coronavirus outbreak early on, when it was fairly limited to China. While individuals have had to deal with limited supply of household products, many business leaders have had to manage significant disruptions to their supply chains and operations. Supply Chainsīefore the coronavirus, did you ever have a difficult time finding toilet paper or hand sanitizer in stores or online? Since the pandemic began in Wuhan, China, supply and demand for products around the world have experienced tremendous movement. What are some of the business impacts of COVID-19, and what can be learned from them? This article explores the impact of COVID-19 on supply chains and remote working specifically. Managers have had to adapt their approaches to lead teams remotely. Businesses have had to pivot their strategies, policies, and offerings to stay in business. The coronavirus has impacted economies and lives around the world.
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