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COVID-19 has brought social and economic life to a standstill. The whole world has witnessed a horrifying mass exodus where lacs of migrants travelled from cities to their native village, amidst countrywide lockdown. Not only this, there has been a huge impact on the GDP growth rate. Millions of enterprises are still facing an existential threat.
As per a source, 94% of Fortune 1000 companies are witnessing supply chain disruptions from COVI
Undoubtedly, various sectors have suffered the hardest hit. It has inflicted a sharp blow on manufacturers and brand owners. Supply chain got affected at a massive level. As the COVID-19 continues to spread its threat, brands can beat its impact on the supply chain. This blog post mentions various strategies like having a track and trace system in place apart from other measures to be taken up at the management level. Let’s learn them here!
Create contingency plans
Different organizations face unique risks for unknown length. To counteract such issues, companies should develop contingency plans for both optimistic and conservative situations. This will allow you to secure your brand and face adversities efficiently. Another thing that requires a special mention here is that every member across your organization should be well-aware of the presence of contingency plans.
Formulate a business continuity plan
Safeguarding against product shortages can be a savior for companies during COVID-19. Brands should keep working with their existing suppliers to accomplish short-term goals and create a business continuity plan. But a brand can’t rely solely on the existing base of the suppliers. To bring diversification, you ought to look for suppliers in various regions. COVID-19 pandemic has made brands understand that keeping additional inventory will keep their business model intact.
Focus on workforce/labor planning
Coronavirus halted production, laid off millions of workers and brought the economy to a standstill. In the wake of this, organizations found it hard to maintain and manage the supply chain. Now the only solution to cope with this problem is to focus on workforce/labor planning so that you can continue to maintain your production levels and earn revenue. No one else can save your production from shocks than your labor force.
Implementation of a traceability system
COVID-19 pandemic has left many brands stranded on a road from where they aren’t sure where to head. In such testing times, organizations can’t do without having a smart track and trace system that can take the burden off from your shoulders.
Genefied’s solution SupplyBeam can solve your problems with regards to supply chain traceability. This solution comes as a breath of fresh air for brands that are struggling with the obsolete methodologies of supply chain traceability management. You can build resilience against future threats and make your brand stand tall in the marketplace.
You have to trust us when we say that you can’t fail if you follow the above-mentioned strategies for your brand. While the first three strategies are tasks for your management to look after, it’s the last one where we can help you ramp up your game during COVID-19 crisis.
Contact us if you are longing for a solution that can bring you out of the chaos that you are in. Our smart track and trace system will turn the tables for you and help you in making your brand stronger during the ongoing crisis.