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Monitoring for Greater Security in the Future
In a co-authored post on Harvard Business Review, Bindiya Vakil, a founding member of the Global Supply Chain Resiliency Council and CEO of Resilinc, and Tom Linton, a former supply chain officer and currently an advisor to Resilinc, recommended business leaders invest in round-the-clock monitoring of their global suppliers.
“Just like we wouldn’t drive our car without insurance, we cannot run a globally dispersed supply chain in today’s fast-changing world without being in the know about everyday news that could cause disruptions in the coming days,” the authors wrote.
MIT’s Rice suggested taking a deeper look at supply chain design for the future with more reliance on local and second sources going forward.
“It’s impossible to anticipate the arrival of global crises such as the coronavirus outbreak, but firms can mitigate their impacts by taking supply chain preparedness to a higher level,” he said.