CONSTRUCTION Oct2021 GineersNow - Delta Variant Slowing Down Construction Recovery

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N E W SS T O R I E SHow Manufacturers canOvercome Global Supply ChainIssues During the PandemicDuring COVID-19, it has becomecrucial for manufacturers to be ableto maintain production with limitedsupply. Supply chain issues candisrupt business operations and lead tosubstantial financial losses. Manufacturerswho have been able to implement strategiesthat allow them to continue operation are in agreat position to come out of this global crisissuccessfully.This article discusses how global supplychain models may be transformed and howyou may be able to overcome the currentchallenges. Every business has its own uniqueset of circumstances so some of these ideasmay or may not apply to your manufacturingcompany. In any case, we hope you find theseideas helpful and encouraging.Inventory OptimisationInventory Optimisation is one of the keyways that manufacturers can minimise theirrisks during pandemics. When you are ableto predict demand, it allows you to makebetter decisions about how much inventory iscurrently available and any additional suppliesyou need to place an order for. Certainly, thescale of COVID-19 caught us all by surprise.None of us could have foreseen the numberof supply chain issues we would face andthe experience has given us all insight intovulnerabilities we had yet to consider.Product SubstitutionSupply chains have become increasinglycomplex and globalised due to an everincreasing number of players involved at eachstep, from raw material suppliers all the waythrough to final product assembly. During acrisis, it is time manufacturing businesses needto think creatively in order to survive and eventhrive. Due to the current global supply chainissues, manufacturers are using alternative orsubstitute materials.68
Local ManufacturingManufacturers are now re-evaluating theirmanufacturing assets and locations, prioritizingregionalism over globalism. This is due to theincreased burden on transportation systemsduring times of crisis which can leave countriesor regions cut off from essential supplies forextended periods of time. Regional supplychains can minimise the risk of disruption frompandemic, terrorist attacks or natural disaster.Stress Test Supply ModelsWhen we get through the pandemic anddiscover what the new normal looks like, it isimportant for manufacturing companies tostress test their supply models. Supply chainsmay be more likely to have more regionalelements, but this can pose a number offinancial issues also. It may be more costeffective to have materials supplied from aglobal supply chain so the temptation will be torevert to business as it once was. There may beopportunity to combine local and internationalsupply models to minimise your internationalrisk, with capacity to scale up local support ifand when it’s required.Adapting to OpportunitiesThe key to any business success is tooovercome challenges and adapt to newopportunities as they arise. To remain a viable,profitable company, manufacturers need toadopt a flexible mindset that allows them toadapt quickly and move with the times. Supplychain issues are just one example of how a crisiscan create business opportunities for those thatare nimble enough to make the most of them.To remain competitive in an ever-changingmarket place, businesses have to be able toreact quickly without being weighed down byunnecessary bureaucracy.Tips for SegmentationWhenever there is change, there isopportunity. Switched on manufacturingcompanies may find there are new marketsegments that are opening up. Maybe yourcompetitors are unable to serve a need in themarket due to their own supply chain issuesand you can look to expand in that area.You can apply segmentation techniques tolook at the market in different ways. Oncethese opportunities have been identified itis important to position yourself as a brandleader. Australian company, Industrial Ideashas catalogued a number of resourcesto support Manufacturing companies indeveloping their sales and marketing efforts.ConclusionThe pandemic we currently face has shownmany of us in business, that we have somevulnerabilities in our business models. Ourreliance on global supply chains has becomea huge issue. It has been shown that supplychains can be easily disrupted by pandemicsand other global issues. These challenges canlead to financial losses as well as shortageshowever, we hope your manufacturingcompany finds a way to navigate theseuncertain times and comes out the other side,stronger and more robust to take on the newnormal.69
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