Is your supply chain prepared for the second wave of COVID-19?
When the pandemic hit in March, it exposed a lot of vulnerabilities in the supply chain — delivery delays, quarantined cargo, difficulty acquiring supplies and supply shortages. In fact, the RIS Supply Chain Technology Study revealed pandemics are more of a threat to the retail supply chain than government regulations and taxes, extreme weather, and trade or tariff wars.
However, as lockdowns lifted and social distancing guidelines relaxed, challenges in the supply chain began to fade as we all adjusted to the “new normal”.
Although we anticipated it, we hoped a second wave wouldn’t come. Luckily we learned valuable lessons during the first wave; for example, the study identified the top two obstacles experienced in supply chains were the inability to adjust or respond to fluctuations in demand (73%) and lack of real-time inventory visibility (71%).
Knowing these obstacles now, you can strengthen your supply chain before the second wave hits. In doing so, it is critical to re-think your inventory management to ensure you’re able to meet critical demands for the supply outages to come.
The study recommends dedicating about a third of the overall IT budget (29%) to support supply chain capabilities if you want to match or surpass competitors in the marketplace.
Miracle Service’s inventory controls and tracking feature will strengthen your supply chain, so you can support your customers through these challenging times.
This software has the power to track your stock in multiple warehouses, in use, on hand and in a technician’s vehicle. That way you can identify what’s in high demand and ensure your suppliers have it in stock well in advance. If your supplier is set back from covid related issues, the software can also help locate other suppliers with the parts you’re looking for. With this software, you can also change your minimum and maximum holdings (safety stock levels). Increasing your minimum holdings will give you an earlier warning for restocking, while having a slightly high holding will ensure your team will have access to high demand parts when needed.
Miracle Service will streamline your inventory management, so your supply chain isn’t vulnerable during the second wave.
Contact us today to strengthen your supply chain with Miracle Service:
Toll Free: 1-866-463-9368 (North America)
Learn more about Miracle Service
Learn more about the RIS Supply Chain Technology Study