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Coronavirus – Planning, Preparedness and Proactive Action
No matter how vested we are in predictive analytics and risk management, there are some events, like the devastating Coronavirus outbreak, that simply cannot be foreseen. Humanitarian crisis aside, the procurement world is hearing news of critical product shortages and tech company share prices hit hard by government restrictions (The FT). Taiwan’s Hon Hai Precision Industry, for example, known as Foxconn, which makes the majority of the world’s iPhones, suffered its biggest share price fall in 20 years, and other electronics parts makers and tech groups, with exposure to China, have been hit hard too.
On Friday, as we learnt more about extended closures of plants and ensuing supply shortages, we listened to a Webex hosted by supply chain management experts Resilinc. It was a special report conference about the latest developments and their effect across the global supply chain. Bindiya Vakil, Founder & CEO of Resilinc, gave an interesting and informed talk about what we know and what firms need to be thinking about to help avoid supply chain disruption as much as possible….