Supply chain resiliency took on a new meaning in 2020. In the first few months of the pandemic, suppliers and procurement teams alike were left scrambling, desperately trying to maintain business continuity. The situation called for unprecedented levels of collaboration and visibility, which many organizations were not able to meet.
The supply chain is an often overlooked, yet critical, component of businesses everywhere. For a long time, the focus around supply chains has always been on efficiency and cost reduction. But when COVID-19 hit, weaknesses within the supply chain became readily apparent as traditional management approaches and technologies left businesses underequipped to tackle the huge surges in demand. This problem quickly became widespread. Whether it was a shortage of toilet paper on the consumer side or dropping supplies of microchips in the B2B world, no one was left unaffected.