Strategies for the rebound as manufacturing adapts to the new normal

AS COVID-19 restrictions begin to ease in Singapore and across the globe, manufacturers are learning the importance of being able to quickly adjust operational strategies, procurement and the supply chain. Even when better times seem to be coming slowly but surely, the key to staying operational is also to be able to handle the next lockdown with prudence. While originally forward-thinking strategies, there are some developments which are set to become the norm for surviving manufacturers of the new world.

Global supply chains have been disrupted due to worldwide lockdowns, and the closing of borders, airports, and ports to anything but essential items have seen procurement teams scrambling for locally based suppliers to ensure they can fulfil existing orders and continue with new orders. To be more resilient, businesses need to be able to quickly revise their supply-chains and shift from cost optimisation to supply security; and at the same time, ensure diversification of distribution, logistics and freight channels.

By implementing a digitally enabled enterprise resource planning (ERP) system that gives them greater visibility across their supply chain, especially inventory levels at the critical stages, procurement teams can play a significant role in solving supply chain challenges.