Post-Pandemic Supply Chain Issues
Tracks a big push for consolidation several years ago because it makes • Build incentives into supplier agreements such as penalties if managing more efficient. Keeping the supply chain diverse cannot they do not deliver on time or cannot hold up their end of the only spark innovation, as mentioned above, but can also create contract. competitiveness within the industry. Overall, diversifying supply • Give suppliers visibility of the customer base and focus on a chains is a much safer solution than consolidation. long-term partnership. The stability may be enticing for them. Quick Tips to Improve Supply Chains • Remember, there is always a lag between normalcy and prices • Lock in prices (components, shipping, etc.) as far in advance as going down. The return to normal is estimated to take another possible to avoid paying inflated prices. three to six months in the best-case scenario. • To find the best ports to ship to, analyze the company’s inland network to see where resources are the most bountiful (i.e., alternative routes if needed, enough drivers and containers, strong infrastructure). • If there are not enough resources to serve all customers equally, prioritize certain demographics or types of customers. Focus time, attention, and resources on the segments that will bring the most financial stability
There are, unfortunately, no instantaneous fixes to the supply chain issues present today. The information here is meant to help you think crtically about your own supply chain in hopes of preventing or mitigating future issues. Time and the return to normal will eventually bring inflated prices down and allow for more movement within the manufacturing industry. If you would like more information on Sordi’s presentation, contact NATM Tracks Editor Elizabeth Moore at Elizabeth.Moore@natm.com.
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