5 Strategies for combating technological uncertainty in the evolving pandemic
The COVID-19 pandemic has brought novel dilemmas to many businesses that depend on other companies for materials and production. Supply chains have been disrupted, shortages in materials have halted business manufacturing and low inventories have held back growth. Technology is no exception.
As many companies turned to remote work to continue operations, the need for relevant tech increased. However, these new demands are made difficult by supply chain disruptions. Major manufacturing hubs, particularly those in Wuhan, China, are slow to recover. Limited supplies combined with slow production have stalled technological implementation. Tech companies themselves are limited, struggling to recover their original pace of production, McKinsey & Company stated. Here are five ways businesses can best prepare themselves to combat production uncertainty in crises.
1. Prepare for the unpredictable
While it's impossible to divine the future of global upheavals before they occur, businesses can adjust their practices to best circumvent dilemmas. Understanding how your business will react to unprecedented changes in production or supply chain upheavals will greatly aid your company. Keeping practices up to date with fallback plans can, at the very least, take the edge off setbacks to your business's production. At best, it can save your company time and resources.
2. Be on the lookout for potential risk
Incorporating forward-looking business practices can alleviate surprises. Companies aware of the risk of pandemic threats were better able to respond to the COVID-19 pandemic when it arrived. Semi reports that businesses with established plans for pandemics were better prepared for a virus outbreak. Their employees were ready and protected from the risks of the pandemic, transitioning to the new work-from-home policy faster with the extra preparation.
3. Hire effectively
Hiring the right people will benefit the growth of your business across the board. During times of high stress and adjustment, however, it's crucial to take the time and energy to hire employees who can creatively adapt as necessary. Their abilities to transition to online work, or to new structures, will save your business valuable time and resources. Tech-savvy individuals are faster to train, and can better adjust to uncertainties in supply chains and production.
4. Streamline processes
Companies who have cut out the wasteful corners of their production will find the way clearer in responding to global disruptions. Taking the time to implement technology that streamlines processes and eases difficulties will not only aid in uncertain times, but will always benefit the business's production. Investing in useful silver-bullet technology will speed up reaction time and help your company withstand precarious market conditions.
The COVID-19 pandemic has highlighted the deficiencies in specialized industries incapable of shifting production. The lack of health-related materials, such as PPE and ventilators, highlighted a supply chain and production shortage. This area was filled by companies that occasionally struggled to shift production, many of whom planned to return to their original products post-pandemic. However, this instance revealed an opportunity for diversification to increase cash flow and save companies from decline. Industry Insider reported on this phenomenon, making the important point that agility in production opened new markets to firms.
Your company's ability to diversify and remain flexible may just as well save it from major setbacks in future dilemmas. Switching between products and services can alleviate panic when global supply chains fail.
Certainly there is no way to completely prepare for an unknown risk. Companies can, however, best equip themselves with strategies to remain flexible, educated and growing to avoid major setbacks and failures. Unpredictable challenges can threaten at a moment's notice, and it is therefore your company's responsibility to improve itself to best withstand oncoming difficulties.
Perle can help your company implement technological infrastructure that will aid you in protecting your business from global crisis. Read our customer success stories to learn more.