COVID-19 pandemic has posed a significant impact on every sector of the world. Multiple national lockdowns and travel limitations were upsetting movements in all aspects of the economy. This devastating pandemic has also posed major challenges for s global disruption supply chains globally. Nonetheless, the pandemic has not caused any new difficulties for supply chains. It uncovered already inconspicuous weaknesses in certain areas, and obviously, numerous organizations have suffered staff shortages and losses due to COVID-19. In general, it has sped up and amplified issues that existed in the supply chain.
As a result of extreme disturbance from the COVID-19 pandemic, the studies observed that global enterprises intend to shake up their supply chain strategies to become more resilient, collaborative, and coordinate with customers, providers, and partners. As a result, they will increase interest in supply chain technologies like AI and robotic process automation while retraining workers.
The COVID-19 pandemic has caused adverse global disruption. Finance, trade, health, education, business, and many more systems have been adversely affected. It is nothing unexpected then that just 2% of organizations said they were entirely ready for the pandemic. Severe disturbances impacted 57%, with 72% detailing an adverse consequence (17% announced a critical adverse consequence, and 55% generally negative).
Often in uncertain economic environments, businesses slow their technology investments. Be that as it may, during the COVID-19 pandemic, 92% didn't end technology investments. This addresses the worth of the digital supply chain in assisting companies in navigating disruptive forces and responding faster to volatile supply and demand.
The pandemic has sped up many previous patterns, and the supply chain is no particular case: 64% of surveyed supply chain executives said digital transformation has accelerated due to the pandemic. Moreover, the race is on for automation: 52% of executives said that the autonomous supply chain will be here by 2025.
However, using digital technologies does not equate to creating a digitized supply chain - it also needs connected supply chain technologies across planning, acquisition, assembling, and strategies that work past the association's four dividers. The critical difference between "doing digital" and "being digital."
According to Mr. Basem Barry, founder & CEO of the B A Barry Group, we can contemplate autonomous operations in terms of "lights-out," "without hands" and "self-driving," where associations use AI advances across the start to finish supply chain to help make predictive and prescriptive decisions.
Eventually, digital and autonomous technologies will assist people in making their jobs easier and the supply chain more proficient and optimized. The future supply chain will need to be adaptable, versatile, adaptable, agile, and digitally networked for improved visibility. Companies should thus focus on strategic architecture, resiliency, transparency, and cost of the supply chain to recover & grow.
People are hoping that conditions like COVID-19 should never occur again. But hope is not the only strategy to face challenges. We must find new ways to stand out and re-imagine supply chain strategies to reduce risk. Innovate the things keeping customers in mind and adopt genuinely sustainable supply chains to increase the benefits.
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