In our current post-pandemic environment, there is much talk about supply chain disruptions and what it means for the market and, ultimately, the consumer.
News outlets and social media channels provide us with constant reminders of the uncertainty looming around in global trade.
If history has taught us anything though, it is that markets – much like human beings – can be resilient. Regardless of the challenges, we learn to adapt to new conditions; we evolve. As we transition into what we can only describe as our “new normal,” the fact of the matter is this: Despite the reports of major shortages and delays for consumer goods, most supermarkets are well stocked, retail stores have plenty of inventory, and major airlines are at capacity or overbooked.
Consumers are spending money; both brands and suppliers are slowly but steadily adapting to a new way of doing business. Whether it’s nearshoring production or diversifying the supply chain across more countries in Asia, companies are finding ways to navigate the challenges presented in the current environment. Talks of a possible recession will require most industries to become even more adaptable to new market conditions.
For most industries, regardless of size, supply chains operate in a similar fashion: design, source, manufacture, and ship goods. These processes can of course be more complex, and in an effort to improve efficiency, often times we achieve the opposite. The response to growing challenges and difficulties within the Supply Chain is simple though, and has been the same for as long as humans have been trading goods. One must remain disciplined and have complete control and visibility of your entire product lifecycle. Controlling market forces is an impossibility, but having a clear-eyed understanding of your supply chain allows a company to be nimble and adaptable in an uncertain landscape.
Having a single source of truth that allows you to track the status of your product throughout its lifecycle, and relying on constantly improving organizational efficiencies, allows you to make better and more informed decisions when adjusting to outside forces and market conditions. As with any challenge, the line between surviving and thriving is not drawn in the sand. Rather, it is carved in resilience, wisdom, endurance, and patience.