The following result is obtained by our Internet Research Algorithm:
Following will the impact of COVID-19 on supply chain and procurement industry -
• Any manufacturing hub would have a ripple effect on the whole industry, and China being the manufacturing hub has a great impact on the whole supply chain industry.
• China is the manufacturer, it affected the industry of America as the administration was controlled by American companies, hence the whole supply chain got affected by this.
• Extended closure has affected the strategies of the supply chain in many ways, as the stopped manufacturing of core pieces of equipment affected the whole system.
• The effect is that companies are not focusing on temporary supply chain stabilization and measures instead of long term changes.
• The plan is to stabilise the supply chain and these changes will require regular updates from the company to act and also further network optimization for quick response and action.
• There will be a need for accelerating the qualification of new suppliers.
• Digital manufacturing is the future as this will allow minimum disruption to the supply chain.
• 3D drawing help to here establish the design without having the physical description of the product helps you to manage manufacturing and new production remotely.
• Automation with having the wide active network of suppliers will help to spread the production work and keep the process moving even in this inconsistent time.
• Supply can back to its job by the next quarter if the things run positively.