Organizations across the world are grappling with the impact of COVID-19, which has not only disrupted global supply chains, but also tested the effectiveness of existing business continuity plans. For many companies, weaknesses in planning manifested into painful losses. Since the initial days of the pandemic, most organizations have adjusted their budgets and developed recession contingency plans. However, as this crisis continues, companies must move to the next step: realigning the way they operate to sustainably navigate instability.
This new economic reality requires flexibility and companies showing the highest level of agility in adapting fast to new demand patterns will win. Strategic sourcing is a lever companies should focus on to reduce cost, sustain operations and thrive as a successful business in the future.