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The COVID-19 recovery phase for businesses sits on the horizon as vaccines become available, meaning that manufacturers next year won’t have the crisis as an excuse if they fall behind in key areas like supplier risk that competitors already addressed or are upgrading soon.
During the lockdowns when supplier risk was highest, production and profits suffered because of miscommunications with suppliers and sluggish manual processes that caused manufacturing delays, a glut of inventory and costly shipping workarounds.
The coronavirus disruption has been a wakeup call for businesses to have resilient supply chains and digitally transformed procurement departments. CEOs now understand the need for agility across the whole business, and many have expedited plans to add technology that increases insights and improves communication with suppliers.