Coronavirus disease created pandemic situation all over the world as till the date, the remedies or vaccine for humans to prevent from corona is not found. Increasing spread and uncontrollable impact on the human life is hampering the economy of the world. Governments are taking preventive measures to lower the spread but so far it’s not up to the expectation. The coronavirus pandemic has caused supply chain professionals to face the reality of something but rarely felt the impact. Black Swans are going to impact every business for good or bad. The wholesalers of medicine are at significant risk. India is the world’s leading provider of generic prescription drugs but however 70% of its raw materials came from China and some 33% come directly from the epicenter of coronavirus outbreak. Distribution has faced significant challenges but companies that were able to adapt are at the forefront of where logistics is headed next. One key area seems to be the blending of B2B and B2C.
The COVID-19 created major impact on the manufacturing operations as the governments of various countries highlighted the importance of health and safety which has increased the demand of the smart solutions at manufacturing operations. Professionals and enterprises need to begin shoring up inventory there and discussing the scope of the supply chain. It would be important to provide alternate procurement, warehouse protection policies and a change from some previous agile practices. The companies should also start defending ongoing goals by taking a fresh look at old procedures as considered not to be effective.
Logistics firms have become successful in communicating the exact time of arrival and options for modifying distribution arrangements to customers. For instance, if it varies above a certain tolerance, businesses may use sensors to track package temperature in real time then an alarm can be sent and preventive steps can be taken.
The companies have taken many strategic decisions to advantage marketplace their market share after COVID-19. The heavy investments were completed in R&D to invent new ideas to deliver to customers who would be safer to employees and customers. The demand for items via e-commerce has soared but will probable to maintain.
The COVID-19 lockdown imposed by the countries' governments had a negative effect on the prices of items that deal with the supply chain industry.
The demand for goods has adversely affected the supply chain and logistics industry. The transportation cost, employee safety cost has affected prices and ultimately resulting in the high cost and less demand for customers.
The COVID-19 pandemic has adversely affected the supply chain market which results in the shortage of supply of parts, services which were provided by the companies. The supply chain market also affected the cost of the delivering goods due to risk indulged.
The logistics and supply chain industry is impacted by the associated challenges. Manufacturers of finished products that are commonly sold across the value chain are unable to provide foreign manufacturers of raw materials. The COVID-19 pandemic affected wholesale and retail activities.