Hurricanes and wildfires tend to strike the supply chain both metaphorically and literally, but whether natural or manmade, the fact remains that risks are always brewing for the supply chain. Stephanie Miles writes an article about the four elements that make for a resilient supply chain:
- Planning and measurement
- Sourcing and supplier management
- Timely execution
There needs to be visibility with regard to supply orders and contingency plans should be made, addressing finding alternate suppliers, their available capacity, and identifying more than one transportation provider in your distribution model. Visibility technology allows you to acquire data that will help you better plot contingencies to mitigate damage in times of crisis. Planning and measurement means being able to quickly understand the nature of a disruption and counteracting it appropriately immediately. To do this, you must be able to grasp what a disruption means to customers and partners. Sourcing and supplier management is how you go about finding multiple partners to ensure the whole process does not fall apart when one partner hits a road block. Trade planning technology can help to provide direct comparisons of which sourcing options are best suited for your needs. And finally, timely execution means be able to achieve the above three elements in swift unison as part of an established framework. Bringing balance to the supply chain could be as simple as bringing balance to the four elements.