According to The Economist, when the swine-flu pandemic of 2009 happened “companies ramped up production…only to be driven to the verge of bankruptcy when demand fell back to normal”. Building resilience in your company to plan for changes is vital to staying competitive year after year. But how do you build resilience? Let’s take a look at the pharmaceutical, retail, consumer electronics, and other manufacturing companies that have stayed resilient though our current pandemic. The common trait found is their ability to adapt to change. The way these companies have adapted is by increasing the technologies used to visualize their supply chains from start to finish.
A report by the EIU (Economic Intelligence Unit) and ASCM (Association for Supply Chain Management) shows that “52% of companies…rely on internal data. 37% of companies reported their reach was hampered by either the lack of internal communication, silos, or, much worse, by having no relevant data at all” according to Enterprise Times. To continue to function at a higher level, an organization must have the ability to detect issues and disruptions, along with having up-to-date data to respond to problems. ASCM says “management expert Peter Drucker famously said, the greatest danger in times of turbulence is to ‘act with yesterday’s logic’”. In the 21st century, technology solutions giving visibility to the organization (however big or small it may be) are the only way to stay resilient when supply chains change. If you are in the business of exception management, your firm needs a high visibility tool that facilitates good communications in order to stay competitive.
Boost visibility, communication, response time, and customer satisfaction within your organization with StrataFlows. StrataFlows is the cloud-based platform to proactively plan for and keep up with changes in material movement and supply chain. Our platform is an incident command center allowing users to have end-to-end real-time visibility when a part goes missing or a supplier is late during changes in supply. We help clients stay resilient and keeping production flowing by tracking suppliers, demand, and issues, and give them the tools they need to take action. The Issue Tracker module, along with its built-in reporting and dashboarding capabilities, helps our clients keep their continuous improvement goals by giving visibility and collaboration tools to stay agile in a changing market. Click here for a free trial of StrataFlows.