Even three years after enforced lockdowns and global uncertainty, the impacts of the pandemic are still being felt across procurement.
And what’s more, these ongoing ripples are proving to dismantle global supply chains.
So much so, that RapidRatings’ latest e-book reveals the pandemic has cost large enterprises as much as $228m each.
Based on insights from 400 senior supply chain and procurement executives, research from the past three years reveals three key disruptions that enterprises continue to face:
- 45% say the pandemic has had a significant impact on their supply chain
- 36% reveal global cyberattacks have had a major impact
- 33% say major commodity price fluctuations have had a large impact
Why are these difficulties still being felt?
It turns out that many companies still have weak infrastructure in place – weaknesses which then transcend through to their operations and financial health. As a result, when facing critical situations like a pandemic, they’ve effectively set themselves as ‘sitting ducks.’
How can enterprises reduce or eliminate supply chain vulnerabilities?
- Prioritise financial health and supply chain resiliency
- Invest in digital solutions that can forecast supply chain problems, while utilising data insights to drive decision-making (take a look at the ProcureTech100 pioneers who are creating a digital future for procurement)
- Optimise supply chain spending
- Proactively monitor your supplier(s)
- Identify, track and limit potential risks on an ongoing basis
- Fix your bottom line, before small issues bloat into bigger problems
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