A supply chain must have the following key elements if it is to be ready for a global outage :
1. Alternate Source: Over-reliance on a single source or region can be dangerous. Having backup suppliers located in different parts of the world is a key strategy to minimize location-specific risks
2. Robust Inventory Management: Maintaining optimum inventories, alongside safety stock to insulate for any supply chain disruptions. Lowering lead times on the supply side or drawing up just-in-case inventory strategies can be further beneficial in periods of uncertainty.
3. Supply Chain VisibilityAdvanced tracking and monitoring systems allow for real-time visibility along the supply chain. It will also help to detect and correct any points of disruption faster. Visibility can be improved with technologies such as IoT, blockchain ban AI.
4. Applied To Risk and Contingency Planning: It is important you develop an elaborate risk management plan, as well as contingency strategies. This involves developing scenario plans; establishing crisis management teams, and having contingency operations in place.
5. Communication and Collaboration: Efficient communication terminology is also used with suppliers, partners as well as customers. Having strong relationships and intelligence between supply chain partners allows for rapid recovery from disruptions. What are the means of regular communication and collaboration?
If added to supply chains these ingredients should render the latter immune from global outages.