US and European companies now must create a Plan B on the fly after getting too comfortable with China and Russia.
For Industry Week
Supply chain management is a massive challenge for any organization. It is an incredibly costly affair, and it is not easy to keep track of all the vendors, suppliers, and products a company uses. It’s also probably the most crucial component of any business operation, and any reputable company would definitely want to make sure that it continues to be as efficient and productive as possible.

It just so happens that supply chain management is also one of the most volatile and unpredictable areas of any business.

This, we are about to see…

Changes in market demand and supply chain disruptions—such as pandemics, extreme weather or war—can happen at any time. Any company looking to manage its supply chain during disruptive times will be challenged. However, now we are in a panic situation and most companies are trying to create a Plan B because they have been too dependent on and comfortable with China and Russia—and never did the big-picture planning to truly diversify their supply chains and build the relationships that required.

To manage their supply chains, businesses have to clearly understand the risks. They have to have an action plan to address these risks and minimize the impact of any disruptions, such as the ones currently being experienced.