When Ford first introduced the assembly line, he could only imagine how it would affect the automotive industry. But what about how it could affect supply and demand within the life sciences industry? Automotive and similar factories have been converted before to help build items most needed. Not the least of which, today, is to help supply those in the life sciences industry with the PPE and medical devices they need. Demand is high. Supply is not. Enter blockchain technologies.
As health systems become overburdened and disruptions to ‘normal’ life occur on a global scale, it’s important to ensure critical resources are prioritized. So, what can businesses do to help ensure supply and demand are met in not only these critical times, but for the future.
FIVE WAYS TO ENSURE SUPPLY MEETS DEMAND
When it’s difficult to supply even the most in demand products, it’s time to take an assessment of various scenarios. These scenarios can help leaders predict what and when they’ll need certain products and critical items.
- Assess your scenario within the framework of increased disruption.
- What are your capabilities?
- Identify the most immediate needs to meet, any risks to be aware of, and take action.
- Determine any structural changes you’ll need to make.
- Prepare to pivot. Be aware you may be in a continuous cycle of determining risk, assessing where you are and need to go, any configurations you’ll need to make to get there, and any operational procedures to improve and move forward.
By assessing, prioritizing, and visualizing, companies are able to craft a clearer scope of vision. The scenarios created can offer insight into key pieces of planning to help mitigate disruptions of supply chain processes. This crisis will have long-lasting effects and implications from how we work to how we assure supply and demand. It’s in these strange crosshairs, the life sciences industry finds itself at the center of this pandemic, and at the same time is the life force which has given blockchain technologies fuel to improve.
No matter where you are on the spectrum of supply chain technology, there is calculated risk to every decision. Just because we’re easing restrictions now, doesn’t mean there won’t be an about face in the next few months, and what companies do between now and then is critical. Supply is already short. Now is the time to take immediate action to help mitigate risk for patients, providers, your clients, and your communitiesWHAT TO DO NOW AND HOW TO PREPARE FOR THE FUTURE
The scale of risk is unlike any leaders have seen in recent years. Its speed adds to the uncertainty as numbers rise, decisions change, and most are left wondering what’s next.
Businesses who respond quickly and confidently can help to alleviate some uncertainties, but can craft a plan crucial to understanding the complexities of blockchain within the industry. Strong data, analysis, predictive modelling can help to anticipate any further or potential disruption. Taking these steps can help make businesses more resilient in the future and also help them manage future challenges.
It’s integral to have strong, responsive, and resilient risk management capabilities. To do this, your business will want to ensure their capabilities are technology-led platforms which support analytics, machine learning, and artificial intelligence. Whether you’re mitigating risk, preparing an assessment, or determining your capabilities, it’s important to ensure you’re transparent. We are all in this together. Even in business. Transparency builds trust as does assuring supply and demand by mitigating risk. It’s these things which will soon become the basics of business protocols.
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