Supply Chain Changes Post-COVID-19
Source:Entrepreneur
From:Taiwan Trade Center Chicago
Update Time:2020/07/09
The supply chain of both global and local economies may have been affected permanently due to COVID-19. When the outbreak started, suppliers were caught in a deadlock of not being able to produce due to lockdowns but also having a demand surge among customers. Despite many lockdowns softening and economies beginning to reopen, supply chains are still affected and are struggling to adjust to the new economic turn of events. Information regarding the most successful businesses amidst the lockdown have illuminated that technology was the solution to staying afloat and even profiting.
Technology is likely to remain crucial, even more so than it has become in recent decades, due to the probably permanent preference for online shopping and work being done virtually. Most people, studies show, prefer a virtual experience due to their want to maintain COVID-19 preventions.
Thus, logistics such as delivery, online processes, tech support, and other factors become increasingly important as businesses attempt to reopen and adjust to the change in customer behavior. One suggestion in doing this is physically remodelling the supply chain to prioritize technology concerning package tracking, alerts, delivery routes, and most importantly, limiting human contact. By limiting human interaction, the spread of coronavirus is maintained more easily.
Not only will this change supply chains, but a shift toward technology will enhance the innovation of AI (artificial intelligence). As robots and automation become increasingly necessary within supply chains, AI will advance to help curb shortfalls and predict disruptions or weak spots within a company. Moreover, with risk management in mind, limiting human contact and shifting toward technology lessens risk of error, which promotes this solution more so.
Issues that arise with technological emphasis are customer privacy and a lesser need for human recourse employees. Technology will replace many jobs and areas that employ thousands of workers nationwide. Nonetheless, the trajectory for supply chains across all markets is leaning toward a technological prioritization to limit human contact and utilize robots/automation significantly more.
Source:https://www.entrepreneur.com/article/352108