In the event of a crisis, businesses need to collaborate seamlessly and need to coordinate actions with
supply chain partners. To build a resilient supply chain, businesses need to focus on the following
Risk Assessment: Identify potential risks and vulnerabilities in the supply chain and develop strategies to
mitigate those risks.
Strategic Inventory: Buffer capacity and risk-based inventory planning are some of the most
straightforward ways to enhance supply chain resilience.
Diversification: The COVID-19 crisis has shown the need to have a diversified approach to sourcing.
Diversify suppliers and transportation routes to reduce single-source exposure.
Collaboration: Work closely with suppliers and other stakeholders to develop contingency plans.
Technology: Invest in modern technology, such as advanced analytics and automation, to improve
supply chain visibility and responsiveness.
Continuous Improvement: Continuously monitor and evaluate the supply chain to identify opportunities
The strategies highlighted above provide insight into how businesses can build a resilient supply chain
that can withstand unanticipated disruption and delay.