MA.

KRISTYL IVY PINGOL BSHRM2 HM224 (FINAL EXAM)

In my point of view prior to a year ago, the phrase “supply chain” was mostly unknown
to those outside of the manufacturing or transportation sectors. But “supply chain concerns” are
already a common among investors, and when it comes to the inflation outlook, supply chains
are thought to be one of the key variables that will affect how quickly pricing pressures abate
from 40-year highs. Global supply chains are the network between businesses and their supplier
that are necessary to transform raw materials into the products that businesses sell. Following
global pandemic lockdowns that forced businesses to close their doors and send employees
home, significant supply chain shortages developed. The epidemic has affected practically every
component of the world supply chain, which is the mostly invisible network of production,
distribution, and logistics that moves item from their point of origin (manufacturing, mining, or
farming) to their final destination. A different business or customer who has paid for the finished
product is at the end of the supply chain. Prices of several items have increased as a result of
scarcity. Early last year, at the start of the pandemic, was when the interruptions first started. The
proliferation of coronavirus infections had a severe impact in factories in regions of the world
where much of the world’s manufacturing capacity is located, including China, South Korea, and
Taiwan as well as Southeast Asian countries like Vietnam and European industrial behemoths
like Germany. Due of sick or lockout workers, many factories had to close their doors or
drastically cut back on their output. As a result, shipping businesses reduced their schedules in
preparation for a decline in the demand for carrying goods throughout the globe. As the economy
continuous to deteriorate, product shortages are the name of the game. Lack of food on grocery
shelves, console and headset shortages for gamers, and semiconductor shortages in the
electronics sector are all results of supply chain disruptions. These shortages contribute to higher
consumer goods costs. Global in scale, and in many different ways, are supply chain concerns.
The majority of the products must be transported across large distances before being employed
for manufacturing, selling, or other purposes, which results in supply shortages. Imagine a
massive spiderweb encircling the entire globe. Unexpected issues have the potential to damage
vital pathways that keep the supply chains running, much like a baseball slamming through each
strand. In solving the supply shortage even with a functioning supply chain, maintaining
inventory is crucial. You may efficiently manage your costs and guarantee that you meet your
customers’ requests by doing this. Inventory tracking becomes more important for planning and
priority when dealing with logistics problems or shortages in the supply chain. You may keep
track in your inventory to see what is available and what needs to be restocked. You can
prioritize more well-liked products during a shortage to guarantee their availability. When the
suppliers run out, it could be challenging to replenish them. In the event of supply breakdown,
creativity is essential to maintain business operations and save your brand’s reputation.
Customers will have a bad experience with your company when they don’t receive the things
they were expecting, which will negatively affect the way people perceive your brand. Having
options, you can rely on in case of a scarcity is essential. Instead of relying just on one source,
you can accomplish this by diversifying your supply chain. As you can still meet customer needs
when there is a scarcity, partnering with different manufacturers or suppliers lowers your risk of
losing clients or revenue. Software for supply chain management can assist you in keeping track
of your inventory, handling delivery and determining which goods or products are selling
quickly. Automation can lessen staff workload and the demand for a big team in a labor shortage
situation. Chatbots can be used, for instance, to respond to frequent consumer questions and
reduce the workload of your team. Disruptions to the supply chain typically result from easily
observable events like changes in the price of oil, and political unrest. As a result, staying current
with market developments might help you avoid a catastrophe before it happens. By employing
tactics to deal with the disruption, you can successfully limit the negative effects of a supply
chain shortage with the appropriate information. For instance, you might start looking for
alternative suppliers much earlier if industry news indicates problems with logistics and material
transportation in a certain area. Given the unpredictability of supply networks, flexibility and
resilience can be the difference between a company succeeding or failing. By using the
aforementioned advice, you can better safeguard your company against potential crises and
manage with supply chain shortages.