With the coronavirus pandemic and its lingering effects, companies have now experienced how challenging it can be to plan and maneuver their supply chains around uniquely disruptive, once-in-a-lifetime events. But the unfortunate truth is that less severe events overwhelm or undermine supply planning all the time. Legacy tools are no longer up to the task of getting supply where it is needed most.
It might be tempting for businesses to use their procurement or market power to position themselves to survive the pandemic. However, new and uncertain economic realities will mean the old notions of power and market strategy won’t work.
Companies are adopting innovative service-based models to better focus on customer relations and lifetime value. This change requires them to enhance capabilities in customer centricity, data and technology.