This article will address two central questions underlying these vigilance advantages; First, what principles do vigilant firms follow to navigate their zones of uncertainty? And second, what are the distinguishing features that vigilant organization can orchestrate in order to become more resilient?
Vigilant supply chain executives excel at seeing around corners, with a readiness to act decisively when the time is right. Also, they use this collective ability to get stronger, especially after having been surprised. They avoid the pitfalls of wishful thinking, willful blindness, paralysis or myopia when black or grey swans surround them. Vigilant firms and their strategic leaders deliberately orchestrate more robust and resilient supply chains by following three navigation principles drawn from best practice.
Navigation principle No.1. Vigilant supply chain leaders pay attention to what else might be coming over the horizon. While they are fire-fighting in the present by looking after their own people, taking care of their suppliers and customers and watching their cash, they are also looking ahead. While coping with CoronaChaos is all about the here and now of restoring disrupted supply chains and cutting fixed costs, some attention must be given to the next horizon, to be ready to pivot when the time is right.
The digital transformation of industries will not pause during the crisis, and will likely accelerate other digital transformations that were already underway. Fighting the pandemic gave a major boost to digital monitoring and mitigation, for example, with companies operating virtually as much as possible. With lower costs of capital and higher margins, vigilant firms can invest in new opportunities that surface, while their vulnerable rivals are forced to cut back
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