Covid-19 has taken the entire world by a storm. However, with the vaccine being introduced, every human being on the planet is breathing a sigh of relief and hope.
But what about the ramifications of the pandemic? The after-effects?
Covid-19 has disrupted the global economy, shut down the schools, colleges, and entertainment centres, slowed down businesses, and most of all deranged the supply chain networks.
Business owners all over the globe are struggling to stay afloat, which is why they are looking for talented supply chain professionals like you. There are several online supply chain management courses in India that can help you overcome the impact of Covid-19. However, before you enrol in one, let’s discover the impact Covid-19 had on supply chains and the way forward.
Impact of Covid-19 on Supply Chain
Though it is difficult to ascertain the pandemic’s actual damage, organisations are experiencing supply shortages, labour shortages, sourcing challenges, etc. They’ve realised the impact across the supply chain, including:-
- Disrupted Inventory Levels
In the last few years, several companies switched to just-in-time manufacturing models, which means low stock levels in order to reduce inventory costs. However, the predicament with this model is that since the companies maintain low to negligible inventory level, they are always at the risk of line stoppage or operations disruption.
And due to the pandemic, the production of such companies ground to a halt due to any delivery delays. Take Maruti Suzuki, for example. They follow the just-in-time inventory model. And as soon as the pandemic hit, their entire supply chain went to dust since no vendor was available to supply raw material or the transportation took way too long due to border closures all over the country.
- Covid-19 has Highlighted the Importance of Flexibility
Flexibility in supply chain management has always been a necessity. However, due to Covid-19, companies have realised the importance of flexibility. For instance, the pandemic has tested the ability of organisations worldwide to keep up with the surging demand of their customers. It also tests businesses’ capability to change suppliers due to transportations and export restrictions or facility shutdowns.
The bright side is that most of the online supply chain management courses in India have updated their course curriculum to include the ramifications of the pandemic. So rest assured, you can seek relevant and up-to-date guidance by enrolling in these courses.
IIM Kozhikode is offering one such online course you can rely on. The supply chain management certification from IIMK can not only help you acquire the key skills you need to master as an operations or supply chain manager but also expose you to the latest themes and trends of the domain.
- Substantial Business and Operational Disruptions
The overall impact of the pandemic has resulted in companies resorting to emergency measures to run their operations. However, despite the measures and initiatives, businesses have suffered huge losses in revenue, profit, and operational disruptions, which led to:-
- Reduced supply
- Disruptions to logistics suppliers
- Hurdles in meeting customer demands
- Late deliveries to customers
The Way Forward: The Imperative for a New Supply Chain Model
Disruptions happen. And because of these disruptions, even the leading supply chain organisations have realised the benefits of supply chain management. This is why they have included a framework to continuously measure key risk indicators and prepare for scenarios of uncertainties caused due to compliance, labour, capacity, and even financial issues.
Here’s how you can help your organisation’s supply chain recover from this viral outbreak:-
- Conduct End-to-End Supply Chain Risk Assessments and Prioritise Critical Focus Areas
Responsiveness, agility, and speed are everything.
- You need to proactively engage supply chain partners like suppliers, vendors, logistics service provides, etc., to conduct a regular risk health check.
- Identify the changing demand and inventory levels to locate gaps in the supply chain and production capacity.
- Define clear goals and an actionable short-term and outcome-driven strategy that can effectively and efficiently leverage the available resources.
- Deploy action plans based on scenario analysis to limit the impact of such disasters.
- Develop a Robust Supply Chain Risk Management Process and Diversify Supplier Network
Map out every single supply chain network from tier-‘n’ suppliers to end customers. For each supply chain channel, establish a methodology to measure the risk and devise action plans to mitigate that risk at its early stages.
You can learn in-depth about the risk management process and how to diversify your supplier network by enrolling for accredited supply chain management courses in India. One such online course you can pursue is the supply chain management certification from IIMK. Boasting an up-to-date curriculum and a unique pedagogy to deliver the sessions, this course from IIM Kozhikode is an ideal choice for professionals looking to stay relevant in the post-pandemic era.
- Implement Digital and Automated Manufacturing Capabilities Along With Strong Manufacturing Excellence
Leverage automation for smart manufacturing operations, that’s like supply chain management 101.
It can help mitigate reliance on labour-intensive processes. And a strong manufacturing excellence program can enable your organisation to standardise mundane tasks, relieving the pressure of relying on specific individuals to perform operations. This can dramatically enhance your supply chain.
For in-depth knowledge of these concepts and their practical application, consider signing up for a supply chain major, which can help you understand the A-Z of supply chain and logistics, enabling you to build robust strategies.
- Invest in More Collaborative and Agile Planning
State-of-the-art technologies can bring more agility and increase collaboration within your organisation. Ranging from IoT solutions to advanced forecasting solutions for managing inventory levels and social media demand monitoring, companies can understand the customers’ behaviour and demand signals and react accordingly.
This is highly imperative for business performance, and not just in the post-pandemic situation, but in day-to-day operations. More specifically, these can help you increase the supply chain resilience and overcome the disruption caused by Covid-19.
And, It’s a Wrap
Covid-19, among several sectors, has disrupted the entire global supply chain. It’s time companies rapidly assess, recover, and respond quickly to these challenges and make their way towards a resilient supply chain.
The online supply chain management certification from IIMK can help here. By helping supply chain professionals understand the full impact of the pandemic and how to look into the root cause and gaps within a supply chain, this course can help build a robust strategy, one that will be at the epicentre of the future supply chains.
