COVID-19 crisis to transform India’s logistics industry
The pandemic-induced disruption in the supply chain exposed weaknesses in the way businesses worldwide operate. One of the major issue exposed was - falling short on the stocks due to lockdown in many countries resulting in the closure of borders and ports. While the healthcare system struggled to save lives, logistics companies suffered major loss due to the disruption in the supply chain.
The supply chain disruption triggered by Covid-19-induced lockdown has prompted the manufacturing industry to shift from ‘just in time’ manufacturing to the agile ‘just in case’ manufacturing. Maintaining a buffer against disruptions is the new normal. Businesses are now looking at building resilience, chalking out contingency plans and bringing in agility.
During the lockdown, most businesses had no visibility of their stocks and inputs as goods were stuck across the country while in transit, in ports and on trucks. This was the period when the vulnerabilities were exposed bluntly to business organisations.
Read more