Business & Industry

How to foster Supply Chain transiliency?

The COVID-19 pandemic followed by the war in Europe has revealed the critical importance of Supply Chain management in navigating crises. The Supply Chain Managers need to be prepared for such situations and foster transiliency, the ability to restore some processes and change, often radically, other processes. Researchers have observed various coping strategies. Some firms mimic the changes and processes implemented by other firms, typically the industry leaders. Some firms managed resources to alter the product mix and there was a mad rush to produce masks and sanitizers during the heydays of the pandemic. Following the energy crisis, there is a rush for Renewable Energy products like E-Vehicles. The firms having structural inertia, unable to make the necessary shift, collapsed. Typically resource-strapped small firms are affected and the Governments across the world structured schemes including the Emergency Credit Line Guarantee Scheme (ECLGS) for SMEs in India which has been a major game changer in this respect. Competitors became friends to retain customers - this cooperation between airlines to jointly cover regions with reduced flights was observed as a great Supply Chain measure in Europe. Some firms tried various real options to combat the crisis - Influenza and Pneumonia vaccines were used as a substitute for Covid Vaccine to build immunity. Existing drugs like Hydroxychloroquine and Remdesivir were used as a treatment for Covid 19 with limited success.

What are your observations in this respect? Do share your views with us.

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