Thanks to Covid-19 almost every supply chain is being re-examined to become more resilient. But there is only so much you can do! There are external factors over which you have no control such as demand changes, up or down, tariffs or dock worker strikes!
Enterprise Risk Management
Covid 19 has been tough on supply chains. However, it has given the companies a tremendous opportunity to raise their response level and mitigate their risk in future crises.
As we get older and more sophisticated, we become better “planners,” for two reasons: our ability to form more accurate models of the world around us and to have the ability to make predictions based on our past experiences.
How do you plan in the face of uncertainty? Produce more than expected? If so, by how much? Re-plan when an undesired event occurs? It might take too long and it may be too late!