Let‘s take a brief survey: how much has the COVID-19 pandemic affected your organization?
- A) Drastically
- B) Majorly
- C) Greatly
- D) All of the above
No business has escaped the impact of coronavirus, especially those that rely on supply chains—physical or otherwise. Many products and services suffer from low demand, such as cars and hotels. Other companies struggle to keep up with severely increased demand—good luck finding toilet paper on store shelves. But through diligent planning and smart use of technology, it‘s possible to reduce the bumps in the supply chain and find solutions that will maximize efficiency and success.
“We’ll never get back to the normal we knew before COVID-19,“ says Tracy Warren, Manager of Delivery & PMO at Katalyst Software Services Limited. “But we’ll settle into new ways of getting things done.“
Take Advantage of IoT
The Internet of Things has connected processes in seamless and ultimately effortless ways for companies and consumers alike. If you‘re one of those businesses experiencing a dramatic shift in demand in either direction, IoT technology can effectively manage inventory and monitor equipment. If you‘re facing a sharp uptick in demand, predictive maintenance techniques will be majorly beneficial in keeping up.
“Predictive maintenance goes to a whole new level mathematically,“ says Steve Hopper, founder of Inviscid Consulting. “It’s taking the equipment attributes and historical data of the usage of that equipment and, through its algorithms and calculations and all of that, is determining mathematically how and when equipment should be changed.“
The same techniques that experts have suggested would benefit supply chains in the past—RPA, automation, and online channels—are now even more essential. Embracing technology is not just a helpful suggestion—it could be the difference between your business surviving the pandemic or not. Believe it or not, it‘s estimated that about half of all invoices in the United States are still fulfilled via paper check. Like most business inefficiencies, the reason is nothing more than a resistance to change. With cash flow so critical right now, any delays in money coming in (as well as the additional costs inherent in writing, mailing, and cashing checks) are problematic.
What Should You Do Next?
The very first thing you should do is reach out to the experts at Katalyst, who can guide you through the unique solutions best for your business. We can help determine the most efficient technological solutions your supply chain needs.
“Companies should be evaluating their existing systems to determine if they need to upgrade or enhance,“ says Warren. “I would think of it like this: most successful companies try to think ten years ahead when planning new system builds or expansions. Well, COVID just slammed us forward ten years ahead…we need to scramble the resources and plan for the next ten ASAP.“
