4 pandemic lessons that actually made small businesses stronger

If you’re concerned that your supply chain process is vulnerable to demand surges, shipping difficulties, or other external factors, consider these five strategies:

Keep safety stock or buffer stock to protect against delays or demand surges (this is the most common buffer since inventory can be easily tracked and controlled in real-time with inventory management software).

Place buffers along the supply chain

Diversifying your network (also called multisourcing) starts with categorizing partners based on two criteria: current cost and financial impact if that partner can’t follow through in the event of unforeseen circumstances.

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Diversify your manufacturing and sourcing network

Demand forecasting is the process of using data—not gut feelings—to gauge the demand for materials ahead of time, so you don’t come up short when it matters most.

Invest in demand forecasting

The more consistent you keep your supply chain operations, the more dependable it will be. This is especially true for organizations whose suppliers and manufacturers are scattered across the world.

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Standardize your processes


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