How can Businesses Protect their Supply Chains During Times of Crisis?

By Cogoport | 10 Mar 20 | Read Time: 2 minutes
How can Businesses Protect their Supply Chains During Times of Crisis?

The only thing we can be certain of in the world of business is uncertainty. The recent Coronavirus outbreak has demonstrated glaring weaknesses in businesses continuity and contingency planning. Across the globe, organisations are adjusting their working practices and processes to deal with the devastating effects of the recent virus outbreak from Wuhan, China. It’s not all bad however, we live in a time of unprecedented technological solutions. These may end up being the saviour of thousands of businesses worldwide.

The effect of the Coronavirus outbreak on business

As of this morning, over 110,000 people have been confirmed as having been infected with the COVID-19 strain of the novel Coronavirus. Hotels, restaurants, casinos and many other businesses globally have seen a dramatic slide in the number of customers since the outbreak has spread. As many of these fall under the SME category, and most do not have the kind of financial stability to face such a steep drop in demand, the outlook is grim. Demand is not the only challenge faced by SMEs during this time however. As the virus continues to spread and the number of confirmed cases continues to grow exponentially, many employees are being advised to work from home to limit unnecessary contact. Tech giants Facebook, Google, Apple, and Twitter have all asked employees, whose jobs allow, to work from home. This widespread shift to remote work has seen stock prices of remote working software surge, as many businesses prepare the necessary tools to enable remote work. Video conferencing company Zoom, has seen its stock price double. Growing from $68 on December 31st, the day of the first reported case of Coronavirus in humans, to $125 on March 5th.

Potential solutions

This crisis has coincided with the rise of online platforms. Today anyone with symptoms of a cough or a fever and under self-isolation can order their lunch, clothes or the weekly shopping via online platforms without budging from their chair. Imagine if business owners and logistics professionals could order containers as simply from home, during crisis times like this. The good news is they can. Platforms like Cogoport allow businesses to protect the flow of their supply chain no matter the situation. Cogoport allows for the searching of rates and booking of containers anywhere in the world, all you need is your laptop and login details. Manage all your documents in one place, get transport handled to where the cargo needs to go and book containers with confidence, all online. Cogoport can provide much-needed credit, up to 90 days, for businesses that may need it during this time. Platforms like Cogoport can make your business robust to crisis, and statistics show that companies who prepare for the future today, survive better in the long term. If there is any silver lining to a global crisis like this, it is that many companies now need to look at their business continuity planning or lack thereof. Is your business prepared for arising contingencies? With Cogoport, your supply chain always will be.

Final Words

There is a lot of uncertainty right now, for both individuals and business. Right now COVID-19 is the crisis of the hour, but if history has taught us anything, it is that this won’t be the last crisis the world of business will face. Shockingly, 51% of companies do not have a business continuity plan to protect against incidents like the one currently being faced. If this is you, or you are curious about how Cogoport can future-proof your business and improve your logistics process, check out our website or call us on (+31)70 306 5952.

Supply Chain