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THE VULNERABILITY OF YOUR SUPPLY CHAIN TO GLOBAL SHOCKS

Learning lessons from the COVID-19 crisis

· coronavirus,covid19,supply chain,technology,procurement

The COVID-19 crisis has revealed the vulnerability of supply chains to global shocks.

Right now, companies are being forced to take emergency steps to manage supply such as focusing on Tier 1 supplier risks, updating inventory policies, preparing for plant closures, adjusting to production rescheduling and securing capacity amid narrowing logistics options. Companies are also activating alternate sources of supply.

It is now clear that the decades-long focus on optimizing the supply chain by minimising cost, reducing inventories and managing the tail spend has left companies with limited flexibility and buffers to absorb external disruption.

But new supply chain technologies are emerging, and procurement professionals are now actively investing to de-risk and diversify supply networks to given them better visibility, enhanced collaboration and tools required to anticipate and meet future challenges – known as the ‘digital supply network’ or DSN.

givvable is a new technology platform that helps businesses build a network of alternative and typically local suppliers that can be activated in times of crisis, helping customers and suppliers connect quickly and diversifying supply chain risk (as well as boosting local businesses and SMEs in challenging operating environments).

Our focus is embedding sustainable and social suppliers into the workflow, helping them build capacity and grow into long term supply partners – making your supply chain more resilient as well as aligned with your company’s sustainability objectives.

Businesses can register for early access here. If you are a social, sustainable or circular suppliers, get in contact with us here.

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