Armed with the right strategies, business owners can take steps to help their supply chains endure in any economic environment.
If your business has ever experienced a disruption to its supply chain, it may be tempting to put that challenging period in the rearview mirror. But that experience may offer some important lessons that can help you secure your business’s supply chain moving forward.
97% of U.S. businesses had or expected to have their supply chains disrupted as a result of COVID-19.1
Whether you’ve experienced supply chain challenges during the pandemic or from some other event like a natural disaster, or are just thinking about future challenges, there are some important lessons you can take from the crisis to make your supply chain nimbler for the future.
As your supply chain grows more complex, unexpected events like a natural disaster in your area can have a ripple effect, or a global event can cause severe disruption. It’s important to have a plan in place so that you’re ready to weather these challenges.
Supply chain disruptions demonstrate how demand for goods and services fluctuate in times of uncertainty. To mitigate as much ambiguity as you can, you should consider implementing or improving your demand forecasting model to better predict when demand for your products and services may increase or decrease.
Factors to consider in a demand forecast include:3
1 in 4 business leaders said improving supply chain strategies would be the most important factor in helping rebuild their revenue streams.