According to a survey conducted by the global electronics manufacturing trade association, IPC, electronics manufacturers anticipate at least a five-week product shipment delay from suppliers due to COVID-19, with 84% expressing concerns about delays. With so many businesses experiencing strain, IPC president and CEO John Mitchell opined, “The delays will likely have ripple effects for the rest of the year…and the supply chain will experience more and varied strains and disruptions.” But even in the wake of mounting supply chain threats, solutions are in sight.
At Pivot International, as a leading global single-source EMS partner, we’re no stranger to supply chain challenges. With company-owned facilities and a worldwide network of diversified and distributed sourcing, we bring nearly 50 years of experience and expertise in logistics to help our partners successfully surmount threats to supply chain security. In the face of growing demand, we’re ramping up EMS to help customers across the globe successfully adapt to the changing climate.
How can your organization effectively mobilize for disruption related to COVID-19? Here are three approaches to successfully navigate the current crisis.
Be Discriminating About Your Intel
The bread and butter of news’ organizations lies in reporting breaking news as rapidly as possible rather than providing a big-picture analysis of a situation as it evolves in real-time. For this reason, companies must be discriminating about their intel. In the face of accelerating threats and rapidly changing scenarios, it becomes more important than ever to sift hard facts from mere speculation. When designing and deploying crisis management strategies, organizations can not risk relying on outdated, overly simplified, or erroneous reports.
Always think critically about the source of information before assuming it’s correct or current. A single perspective from a single news outlet or organization is never the final word on a matter. Expert opinions across a multiplicity of industries and organizations are indispensable. When encountering competing viewpoints, rather than dismissing one in favor of the other, seek to reconcile them (the truth is rarely located strictly on one side). Employ an integrative, iterative approach to information analysis and scenario planning. Last, encourage open inquiry and differences of opinion among your executive team about how to interpret and act on the latest intel.
Be Prepared to Pivot
While a contingency plan is essential, once committed to paper, it can command a kind of blind allegiance. After investing tremendous time and energy in mapping a plan of attack, senior leaders may become so attached to it that they are reluctant to pivot their strategy – even if conditions have changed.
Senior leadership is often uncomfortable with the heightened ambiguity that comes with any crisis. They may resist taking action in the absence of certainty for fear of appearing indecisive, misinformed, or of creating confusion in the organization. While this is entirely understandable, it’s imperative that your team resist “analysis paralysis” and be prepared to pivot in response to changing conditions and emerging intel.
At Pivot International, our leadership team has processes in place for time-stamping incoming intel to enable dynamic analysis and promote constant learning for continually updated strategic planning. This ensures we’re able to remain flexible, agile, and adaptive, even in the face of ambiguity and chaotic change.
Secure Your Supply Chain
Businesses can minimize disruption and secure their supply chains by partnering with a global single-source firm with a diversified and distributed supply chain network. At Pivot, for instance, through the use of consolidated ERP and MRP systems, we’re able to efficiently and dynamically manage every link in the supply chain and rapidly prevent or address any complications that arise. With company-owned facilities in Kansas City, the Philippines, the UK, Taiwan, and Shenzen for serving American, European, and Asian markets, Pivot offers viable solutions for companies seeking alternative suppliers.
If your company is facing threats related to COVID-19 or other disruptions, solutions are in sight. Contact us today to learn more about how we can help your business get back on track, weather the current crisis, and successfully scale for the future.