July 30, 2020
In today’s episode, Irina sits down with Anna McGovern, founder and managing director of Pondview Consulting. With over 25 years working on enterprise supply chain processes, she now works with C-suite supply chain and procurement officials to develop and execute enhanced strategies, network design, and business process improvement.
Their discussion focused on the fundamental shifts in the supply chain due to COVID and what business professionals can do to not only protect their companies from the next crisis but also what the landscape might look like after the dust has settled.
Many companies were unprepared for such a disruption to their operations. It tested the agility and resiliency of supply chains, and most people couldn’t recover in time. Anna discuses business strategies that companies can implement to build that resiliency and protect themselves and their revenue stream.
Anna also discusses how the supply chain has to be at the front end of the innovation funnel. There’s no use in having a great idea if you don’t have the infrastructure or capability to make it come to life. If you want real speed to market, you need the capability to exist. If you are a big, established company that is too slow to make decisions, you will lose market share and become irrelevant to consumers over time.
Over the last 15 years, companies have focused on consolidation, scaling, creating leverage, and getting rid of non-strategic suppliers. In a post COVID world, we now need to swing the pendulum a bit more towards the middle, and we will see more supply chain diversification with companies. High value, critical items might be reshored. Still, a lot of the lower cost items that are produced overseas will most likely continue production abroad because consumers will have to take on the higher cost. Companies need to reinvest in their supply chain more now and focus on having multiple sources.
Anna also goes on to state that people are not prepared and have not prepared themselves to be tech-savvy. If you’re not continually learning and training yourself, you’re behind the curve. Retrain to be part of something that is going to move the business forward -constant education, training, and retraining. If you don’t speak technology, you are a dinosaur.
If you're ready to innovate your supply chain with an innovative supply chain management platform, you can learn more about the Suuchi GRID through the links below: