What a Second Wave of COVID-19 Could Mean for Supply Chains

It has been nearly nine months since the COVID-19 pandemic started to cause disruptions to supply chains across the world. When cases of the virus began to spread throughout China, trade restrictions started to happen and inevitably, supply chain disruptions followed. By mid-March, travel barriers were placed worldwide and over 50 countries were restricting the export of specific medical supplies. Although cases of the virus have started to decline in some countries, precautions are still in place and supply chains are still struggling with all the restrictions from the first wave of infections.

However, businesses need to take the lessons that they have learned and prepare their supply chains for the second wave. In our previous blog post, we talked about lessons that we have learned from the COVID-19 pandemic and supply chains – but how can we take those lessons and turn them into action in case of a second wave of infections?

  1. Go digital!

Many logistics and manufacturing processes are still manual, and this can hinder from planning and optimizing warehousing and supply transportation procedures. By going digital, you become more proactive. It gives you the right level of visibility and helps speed up information flow. This way, you can implement any fallback plans as quickly as possible and take corrective actions in case of disruptions.

  1. Expand your inventory

Building up your inventory can avoid supply chain disruptions and ensure that your business can stay afloat for a longer period of time. For many countries, lockdowns lasted approximately four to six months so it is crucial that you prepare for the unexpected, and conduct research to find out if there are any local suppliers who could provide you with products in the event of another lockdown.  

  1. Look beyond cost

For any business, commercial costs are important, and they are a huge part of the supply chain equation. However, consider other elements such as continuity, resilience, sustainability, and operational complexities to number the real cost of your supply chain.

In the world in which we are living in today, there is no “normal.” The COVID-19 pandemic has showed us how quickly things can change, and how fragile supply chains can be. However, through taking action and learning from the lessons that the first wave of the pandemic taught us, businesses can be more prepared to face a possible second wave. At Thompson Ahern, we are ready to assist you and your business through any turbulent time. Contact us at info@taco.ca for more information.

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