The past few years have taught supply chain professionals critical lessons in advanced acrobatics, as global issues exposed systematic supply chain weaknesses. Now, geopolitical complications are fueling additional economic uncertainty and influencing decisions across the supply chain. Organizations that source globally must find new ways to address potential vulnerabilities. From where goods are sourced to how they’re tracked as they move from country to country, the strength and flexibility of each link across the supply chain must be carefully considered.
Reasons to be optimistic
47% percent of middle market companies increased inventory accumulation in Q4 2023, and 63% implied they will do so to meet underlying demand in the near term, according to an RSM US Middle Market Business Index survey
Regardless of an organization’s size or industry, strategic planning now will pay off to help companies prepare for the near future—and the next major disruption. Implementing policies that prioritize resiliency is a clear first move, but questions about practical implications still abound. Small and mid-sized businesses were more likely to report the following impacts to their supply chain:
- Price increases
- Order delays
- Unreliable order fulfillments
- Product discontinuations
We have narrowed down five steps companies should pay attention to, to help develop a more resilient supply chain. Get a copy of our Strategies for Building Resiliency to unlock what those steps are, ideas to help you move from the status quo to a resilient supply chain and how technology can help you manage supply chain challenges.
Start working the steps now.
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