Deepen supplier relationships to survive the new normal
Ongoing supply chain disruptions are inevitable, and waiting for a return to “normal” isn’t a viable strategy. In Chief Executive, Kim Doyle explains that successful leaders will recognize the challenges and embrace proactive solutions.
The supply chain crisis has prompted endless commentary about how long the disruptions will last before we get back to the pre-COVID-19 normal. Analysts have resorted to poring over shipping container rates, checking heat maps on Shanghai area manufacturing activity, and even examining how frequently the word “shortage” appears in the Fed’s Beige Book to predict when the supply crunch may unwind.From a corporate perspective, though, focusing on when things will get back to the way they were isn’t a viable strategy. It’s far better to recognize there’s a new normal and to execute a comprehensive supply chain strategy that can meet the challenge.
Putting that into practice can’t be done overnight, though. It requires a big change in mindset from the top because most business leaders are more accustomed to focusing on the customer demand side rather than on supply issues.
