Building Resilient Supply Chains for the “New Normal”
Technology has emerged as a solution for various business disruptions in the new normal; It can help organizations easily overcome the visibility gap in insurance monitoring across a complex supply chain.
How Can Insurance Monitoring Create a Difference
A recent study revealed that about 94% of the Fortune 1000 companies are seeing supply chain disruptions arising from the COVID-19 pandemic. While 75% of companies reported having had a negative to strongly negative impact on their business, 55% of them had to or plan to downgrade their growth projection.
What this serves to outline is the frailty of supply chains in the face of disruptions and how they can impact the growth and sustenance of a business organization.
Challenges Galore for Supply Chains
Over the past couple of decades, supply chains have grown increasingly complex. In an attempt to drive top-line growth, companies are expanding to new locations and complementary markets.
This results in unique challenges such as faster handling and lead times, newer ecosystem of suppliers and contractors and potentially new fulfillment requirements. In addition to just the standard level of business risk, other factors have the potential to derail complex supply chains.
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