Paradigm Shift – The COVID-19 Pandemic and your Supply Chain
Supply chains have become complex, comprising of a series of steps, all linked together. The COVID-19 pandemic has impacted various links in our supply chain, delaying elements of our processes and requiring new thinking and innovative solutions to what were minor and routine tasks.
Companies experienced unexpected sudden change and delays in supply, the limited availability of raw materials and labour, amongst others. On the other end of the supply chain, companies experienced a sudden change in demand due to lockdowns, purchasing power and other unforeseen circumstances. The supply chain was also affected by the distribution capabilities which were impaired mainly due to restrictions on travel and transportation issues, resulting in either lack of raw material on one end, or a surplus of stock on the other.
Post Covid-19 pandemic, enterprises will look at their supply chain differently. The supply shock that started in early 2020 and the demand shock that followed in the global economy exposed vulnerabilities in our supply chain. Temporary trade restrictions and shortages highlighted their weaknesses. The challenge for all enterprises will be to make their supply chains more resilient without weakening their competitive advantage to meet new challenges, understand their vulnerabilities and then consider a number of steps which will limit their exposure.
Leaders should work on their Supply Chains to:
- Expose and tackle hidden Risks.
- Identify vulnerabilities.
- Diversify their supply base.
- Work more closely with suppliers.
- Hold intermediate inventory or safety stock.
- Revisit the trade-off between product variety and capacity flexibility.
The economic instability caused by the pandemic has exposed many weaknesses in supply chains and raised doubts about the benefits of globalisation; but on the contrary globalisation is the key to ensuring economic re-growth. Leaders should use this crisis to identify new ways of working together through their supply chains, identify gaps and vulnerabilities, and then take steps to improve their processes. The Covid-19 Pandemic was a paradigm shift and enterprises must adopt an innovative vision suitable to the realities of the new era, one that still leverages the capabilities that reside around the world but also improves resilience and reduces the risks from future disruptions that are certain to occur.
Written by: Keith Cortis, CILT Malta Committee Member
Sources:
Impacts of Pandemics on Supply Chains
Global Supply Chains in a Post-Pandemic World
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About CILT Malta
On Wednesday 18 January 2023, CILT Malta was invited to a private meeting at the Ministry for Public Works and Planning with Minister Dr. Stefan Zrinzo Azzopardi and Mr. Paul Vella Head of Secretariat. CILT Malta was represented by the Chair Ms. Miriam Camilleri, Education Secretary Dr. Emanuel Farrugia and Communications Secretary Mr. Justin Ebejer. During the one hour long meeting CILT Malta had the opportunity to voice their vision and be an integral part in this ... »
The Chartered Institute for Logistics and Transport (CILT) is the leading professional body for everyone who works in supply chain, logistics and transport. CILT Malta represents the Chartered Institute of Logistics & Transport International, which has a global membership of around 30,000 members. The objective of the ... »
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Generic short courses, complimentary to roles in supply chain, logistics and transportation, administration and management in general, are being offered. These courses deal with the following subjects: Change Management; Human Resources Management; Leadership and Team Building; Programme Management and Negotiation Skills; Quality Management and Risk Assessment.
Delivered by qualified tutors, and with the participation of guest speakers from the sector, these courses will contribute towards students’ knowledge coming from theory and practice, within a contemporary setting. A certificate of accreditation will be awarded by CILT, subject to full attendance.
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