Global Supply Chain and Trade Strategies to Adapt

With the world bracing for shipping delays as Christmas approaches, global supply chain and trade strategies are being adapted the world over to avert major crisis and ensure the economy  rebound and recovers organically. Some of the global supply chain strategies that were adapted and/or formulated in the wake of COVID-19 are as follows which can be taken into consideration whilst working a logistics partner.

Restructuring the global supply chain architecture which includes redefining the global supply chain strategies and altering the flow of global trade, discussing new trade agreements between counties, incentivizing country dynamics, and accelerating omnichannel for global supply and trade. The globally supply chain operating model needs a revamp. By going back to the drawing board, it is vital that the work and operations  need to be clearly divided by what can be done locally, regionally, and globally, with due consideration taken for warehousing and manufacturing functions. Alternatives need to also be plugged into the model to ensure the show goes on.

At this point and time, transparency and visibility is vital and one of the important global supply chain and trade strategies. This will aid in crisis management and final deliverability, and attempt to lessen the blow of the disruptions as much as possible. With real-time visibility and monitoring, keeping a close eye on the entire global supply chain process can greatly help in managing issues as they arise , whether its with planning and alternatives.

Cost restructuring and working capital changes can help in ensuring which of your stock keeping units or SKUs are being prioritized by making strategic changes in terms of procurement and optimization of logistics and warehousing, which will also improve productivity for manufacturing.

Incorporate circular economy with more sustainable missions, whereby no waste occurs during your manufacturing process. Figure out ways in which you can reengineer and redesign the way in which you can achieve these goals by assessing sustainable alternatives. Attempt a competitive advantage with your global supply chain and trade strategies.

Agility and growth opportunities are present in digital supply chains, where technology embodied into global supply chains and trade strategies with planning, procurement, manufacturing and logistics can assist in improving productivity and efficiencies, not to mention promote cost savings too.