Advice to companies facing supply chain disruptions
The trade journal TechRepublic has taken a deep dive into the business disruptions caused by the coronavirus. Reporter Veronica Combs notes that with just-in-time manufacturing and low inventory levels, even a short supply chain disruption can lead to costly delays. That makes coping strategies a must.
Danny Thompson, APEX Analytix SVP of market and product strategy, was among the experts Combs interviewed. He suggested working with suppliers to create a game plan before the next disruption is on the horizon. “Conducting risk assessments and continuous monitoring for risks associated with your suppliers are key first steps,” Thompson said. “Then determine which alternative vendors can fill in as a replacement.”
He also suggested several near-term strategies for maintaining relationships with valued suppliers in countries affected by coronavirus – from making early invoice payments to having transparent conversations about alternate supply routes.
To find out more, read the article Coronavirus adds uncertainty and cost to tech company supply chains.