How Resilient Is Your Organization’s Supply Chain?
Disruptions are often out of our control; however, a new report from 3D Hubs reminds us that the resilience of supply chains depends largely on us.
“Making the deliberate choice to develop a long-term strategy to overcome disruption, whatever its effects, is the only option,” said 3D Hubs, a global distributed manufacturing firm. “Those who don’t pursue resilience become ever more vulnerable in the face of the rising number of supply disruptions, and their wider-reaching consequences, to come.”
3D Hubs said its survey of nearly 1,300 professionals revealed:
- More than 70% of companies have experienced external disruptions to their manufacturing supply chains in the past decade. The pandemic was of course one culprit, but so were natural disasters and trade wars. Interestingly, fewer than 10% have experienced cybersecurity-related disruptions, even though cybercrime is a high-level concern.
- Not surprisingly, the COVID-19 pandemic was the biggest disruptive event of the past decade. Around 60% of all companies reported the pandemic directly disrupted their manufacturing supply chains.
- 96% said steps should be taken to avoid future supply disruptions, but only 52% of organizations have done so.
- Nearly 60% of companies said that geographic diversification was the best way to prevent future disruptions to the supply chain.
“Creating autonomy, developing flexibility and increasing visibility across your supply chain will help your organization to reduce the number of vulnerabilities in the supply chain, spot upcoming disruptions and mitigate the effects of disruptions when they inevitably do occur,” 3D Hubs noted. “These three approaches will not only strengthen the company in the face of oncoming disruptions, but also serve the company in calmer times.”