The COVID-19 pandemic has exposed the weaknesses of the supply chain process that need to be improved and accelerated the timetable for that change. Company leaders who were previously reluctant to invest in supply chain technologies have changed their minds. And many companies have started making strategic and tactical adjustments to their supply chains that could set their path for the next decade or longer.
According to The Ferrari Consulting and Research Group’s founder and supply chain analyst Bob Ferrari, companies should consider integrated business planning which will improve visibility across the entire supply chain. They should also implement supply chain risk management which is tied to other areas of the business including product development, product management and supplier diversity. This will allow supply chain and procurement leaders to assume a bigger voice in business strategy and direction.
Ferrari also said that in the longer term, companies will need to reevaluate the underlying process and technologies across different departments and functional areas. He also highlighted the importance of having an outside perspective in implementing these changes.