Staying Competitive During Supply Chain Disruptions

Supply Chain Resiliency Programmes

Witness a 3x Increase from Indian Companies

Q. From being a ‘nice to have’ to a ‘must have’, how does supply chain risk feature as a critical cog in the business machinery?

Supply chain risk management (SCRM) has gone from a ‘nice to have’ to a board-level initiative. And recent Gartner surveys have backed this up: 87% of companies are currently investing in more resilient supply chains. This isn’t a surprise given that in the last year, there have been catastrophic disruptions caused by geopolitical conflicts and severe weather, as well as unprecedented transportation and production delays due to COVID-19. We are now facing labour, container and raw material shortages.

Businesses must realise that no supply means no revenue, and no revenue means no profit. Think about the chip shortage - this crippling disruption and loss of billions of dollars is occurring because organisations are not able to secure a $5 chip. Supply chain risk management needs to be thought of as a critical cog in the business machinery. Profits depend on it.

Q. How does awareness / implementation of SCRM in India compare with that of overseas?

Every country’s supply chain has been disrupted and awareness of SCRM is at an all-time high. This awareness is inclusive of both businesses and governments.

While India hasn’t historically focused on SCRM, the pandemic and the subsequent supply chain fallout have been a wake-up call on the need to adjust and invest in supply chain infrastructure.

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Companies that invest in SCRM tools will have a lot of information at their fingertips within minutes of a potential disruption and will hence be able to put themselves first-inline to secure constrained inventory and capacity at alternate sites.

Bindiya Vakil

Chief Executive Officer, Resilinc, USA

While it’s appropriate to focus on spend when the goal is to reduce costs; to build a more resilient supply chain, it’s vital to look at even the most inexpensive parts and materials when they are critical to products and revenues.

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