There’s a big new trend sweeping the world, and not in a good way.
Manufacturing Engineering magazine says manufacturers around the globe are being affected by COVID-19, with supply chains disrupted, key customers affected, and turmoil in financial markets. Editor in chief Alan Rooks turned to Danny Thompson, SVP of market and product strategy at apexanalytix, for advice on what businesses can do in response.
Among Thompson’s tips: If your suppliers are in regions affected by the virus, determine whether there are things you can do to help them stay afloat. Consider advancing payments on open invoices or helping them find alternate supply routes.
“If your supplier says they can continue operating, assess if this is realistic or not,” Thompson says. “Determine which alternative vendors can fill in as replacements in order to minimize disruption.”
Read the complete article here.