The pandemic has likely brought to light problems that existed in your organization for a long time but went unaddressed.
The pandemic continues to create a ripple effect across every industry. In addition to the staggering revenue declines, loan defaults and job losses, COVID-19 has uniquely impacted supply chain management. In the beginning, it induced simultaneous and sudden drops in both supply and demand, resulting in deflation and creating a negative spiral, presenting new challenges for supply chain leaders. By mid-March, more than 75% of companies reported significant disruptions to their supply chains. In response, many have had to revisit supply chain fundamentals related to inventory, procurement, manufacturing and distribution and customers.
As we continue to push through the everyday challenges toward an uncertain future, it’s important to realize that times of crisis bring opportunity. Through this experience, leaders are motivating and mobilizing people. They’re getting to know the people who make their businesses work and gaining a real understanding of how things could be done a little better when this is over.
I’ve spent the majority of my career helping companies navigate change. I can say with certainty that embracing change, especially with little time to prepare, is not easy. Most of the change we encounter as leaders occurs in relatively slow motion compared to what we are dealing with today. We typically have time to think through the drivers of change, identify possible solutions and plan; yet, the rapid change we’ve faced this year has required us to adapt almost instantaneously.
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