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Butterfly effect events push companies to design new supply chain networks
The ongoing COVID-19 pandemic will have a butterfly effect across numerous industries, including supply chain networks in high tech, as it will completely change the way they operate. Such unpredictable events introduce a vast number of disruptions and high tech companies will be forced to reinvent their business models and redesign their supply chain networks. High tech supply chain firms will use numerous technologies to stay relevant in the post COVID-19 world:
- They will integrate deeper with ecosystem partners using blockchain
- Lean and agile supply chain processes will be much sought-after
- Firms will use digital twin to get greater real-time visibility into operations
- Strategies such as single sourcing and enhanced cybersecurity will mitigate supply chain risks
- Uberization and 'as-a-service' models will ensure supplier sustainability and will help firms share unused capacities
- Additive manufacturing will create more demand-driven supply chains
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