COVID-19: How To Manage The Supply Chain Risks
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A report compiled by Resilinc, a supply chain mapping and risk-monitoring company, in early March revealed that at least 1 000 of the world’s largest companies or their suppliers own more than 12 000 factories, warehouses and other operations in the quarantined areas of China, and to a lesser extent in northern Italy and South Korea, which were also in quarantine.
Affected industries ranged from automotive, industrial and heavy machinery to consumer goods; high tech, semiconductor and consumer electronics; and life science, healthcare and medical devices sectors.
Still the virus continued its remorseless journey around the world, with cases identified in more than 100 countries, including SA. Finally, on 11 March, the World Health Organisation finally declared the spread of Covid-19 a “global pandemic”.
Markets went into freefall, the rand nosedived, airlines grounded their aircraft, and luxury cruise liners, having offloaded their quarantined passengers, returned to port and stayed there. Hotels emptied around the world, working from home – previously unheard of in economies like China and Japan – became the norm and business, cultural and sporting events in more and more countries were cancelled or postponed indefinitely. The wheels of commerce and industry began to grind to a halt as the manufacture and movement of raw materials and components dried up.
Read the complete article from Marilyn de Villiers at IT Web>>