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According to a recent survey from the Institute of Supply Management (ISM), nearly 75% of companies report supply chain disruptions in some capacity due to coronavirus-related transportation restrictions.
Furthermore, 16% also report adjusting their revenue targets downward an average of 5.6% as a direct result of coronavirus
When asked whether they believed that coronavirus-related disruption would change how their company operates its supply chain in the future, nearly a third of respondents expressed that they felt that their company should have better risk management protocols in place.
In the case of the current COVID-19 outbreak, the panic buying and hoarding of essentials such as food, paper goods, and sanitary products have radically skewed demand patterns, making it difficult for vendors throughout the supply chain to generate accurate forecasts.
In this sense, a supply chain is something like a series of dominoes - and without a logistics contingency plan in place, the whole supply chain can topple
Source : www.supplychain247.com
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