Written by Peter-Jan Roose
The supply of goods – or lack thereof – was one of the burning topics amid actions aimed towards slowing the spread of the virus. Although the supply of food and other essentials saw a huge strain on existing supply chains, many companies saw their own supply chain coming to a complete or partial halt.
The past weeks, my colleagues and I had daily conversations with business leaders from a wide variety of sectors. While most rightfully focused initially on cash, many have turned their attention to the definition of a solid exit strategy.
Although a black swan event like the recent Covid-19 outbreak remains unpredictable, it is crucial to grab the opportunities it can bring. We all understand that change is a constant for companies, but we forget that it can create significant competitive advantage for those that adapt quickly.
Don’t Let a Good Crisis Go to Waste. Instead, Use It as a Catalyst for Innovation
Recently, most of you noticed the shift in consumer behavior. A massive boost in e-commerce activity, increased importance of local sourcing and a higher adoption rate of digital services.
Assessing this shift is the starting point of your future success in the Post-Corona era. My colleague Jean-David Thiebaut recently showed the importance of starting with the demand side, as it will lead to a clear picture of the opportunities and threats it entails for your business (https://www.brightwolves.com/post/adapting-to-shifting-consumer-needs).
Unfortunately, it does not stop here, you should carefully assess the impact on your entire supply chain.
How “Lean” do you want your supply chain to be?
Covid-19 is regularly called a black swan event, but it is not the only one in recent history. Other recent, less global, events (i.e.: Fukushima, Hurricane Katrina, Brexit, etc.) had significant impact on the supply chain of many companies. However, this time around, complacency should not be allowed to set in.
Beyond the need for increased visibility, improved contingency plans and higher degree of automation, it is time to rethink the Lean mindset.
Is purposeful “waste” really waste at all?
BrightWolves helps you to ask the right questions