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Impact of Covid-19 Pandemic on Global Supply Chains & Importance of SCM professionals

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COVID-19 had been the buzzword for the past year starting from late 2019. The coronavirus had caused a major impact not just on our health and immunity system but had also caused us psychological and economical harms. 2020 had been a nightmare for the human race. Millions of lives lost to this highly contagious virus and we are still living in the shadows of the pandemic waiting for a vaccine that can allow us to time travel back to the pre-pandemic era. None of us had seen this coming. This had evidently proved to be one of the most testing times of our present generation as we battle the ill-effects of the pandemic in our personal, professional, and social lives. And well, for supply chain professionals worldwide, COVID-19 has been a test of resilience. The IMF estimates that the global  economy  shrunk by 4.4% in 2020. It described the decline as the worst since the Great Depression of the 1930s. - BBC Almost all industries worldwide had been affected by the pandemic. We saw major e

Supply Chain 4.0

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                 The Digital Supply Chain Though the name Supply Chain 4.0 feels like the next edition of some movie sequel, its actually something that's more adventurous and interesting than just a movie sequel. Its the integration of supply chain and technology that is about to shape the future of how companies perform their business operations today. Supply Chain 4.0 is the FUTURE! Lets get started by watching this video to get a taste of how our future Supply Chains will look like : https://www.youtube.com/watch?v=nwqROZPi_-0  -  Digital Supply Networks by Deloitte: The digital transformation of supply chains - Get a feel of The Future of our Supply chains and how our work functions will transform.                                               Fig 1 - The digital Supply chain (Courtesy: pwc) What could possibly be the common strategy the TOP 20 Profitable companies in the world focus on? Well, its AN EFFICIENT SUPPLY CHAIN that's the most

Industry 4.0

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Well Folks,  Industry 4.0 is the FUTURE!! This will change the way many businesses function today. We will witness a tremendous shift in the economic model that had been followed till date. It will be more focused not just on business growth, but in the well being of the entire human race. Many industries will go through a transformation phase of their business strategies starting from agriculture to education to manufacturing to health care to transportation. The ability of digital technology to change outcomes and empower people all over the world to create more equitable growth thus enhancing the living standards of people is going to create a better lifestyle and create opportunities for new business models to emerge. The value chains will be more efficient thus increasing productivity. Industry 4.0 is characterized by a range of new technologies that are fusing the physical, digital, and biological worlds, impacting all disciplines, economies, and industr