“Forecasting is a critical strategy in supply chain management and risk mitigation, and while this area of expertise has become a priority for more members of the C-suite, if the last year has taught corporates anything, it’s that the only thing certain is that nothing is certain,” according to a piece published on the internet.
Over the past year we have relearned lessons about risk, tradeoffs, agility, and adaptability. As important, many CEO’s are learning a thing or two about the spectrum of risk factors logisticians balance. Forecasting is in the spotlight.
In late February, a headline in the New York Times read, “Amid Shortfalls, Biden Signs Executive Order to Bolster Critical Supply Chains.” In the article, the Times says, “He [President Biden] issued an executive order requiring his administration to review critical supply chains with the aim of bolstering American manufacturing of semiconductors, pharmaceuticals and other cutting-edge technologies.”
COVID-19 has reminded us of a few things. Studies, projections, and tradeoff studies are nice. Agility and adaptability are better. Considered action in the face of uncertainty is what supply chain risk management is all about.
