Wednesday, May 13, 2020

Covid-19 Implications on Supply Chain Businesses

The COVID-19 crisis has wreaked havoc on the planet. It has not only taken many lives but has also caused widespread economic instability. Every day we hear reports of massive layoffs and pink slips being handed over to a large number of people. Salaries are being slashed and people are unable to report to work. Those industries that are acutely affected by the pandemic are seeing gruesome times.

One of them is the supply chain industry. This is because the supply chain industry isn’t lucky enough to allow people to work from their home, as is the norm in other industries. Trucks, tempos, trains, ships, planes, and every other kind of transport vehicle have been virtually stopped due to government directives. Transport routes – air, water, and land – have been barricaded in the ongoing lockdown.

We are living in a world of contradictions because some questions don’t have suitable answers. For example, on one hand, data scientists are using advanced machine learning algorithms to forecast the rising trend of the COVID-19 pandemic and how grave the situations are going to be in the coming times. And on the other hand, economists are foreseeing economic downturns due to low labor rate participation.

The SME sector which employs more than 100 million people, about 40% of India’s workforce, is crumbling. This is because they don’t have enough reserves to support the financial interests of their employees when all economic activities have halted. Industry leaders are worried about the future, especially of sensitive industries such as the supply chain industry that has been crippled due to the pandemic. This article talks about COVID-19 implications on Supply Chain Businesses and how Enterprise technology can help them breathe fresh air.
13/05/20 Nishant/TechiExpert
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