LONDON--(BUSINESS WIRE)--In the wake of the worsening impact of COVID 19 on the industrial scenario, SpendEdge, a global procurement market intelligence firm, has announced the release of its whitepaper that underlines the vendor risk mitigation practices to address the emerging supply chain risks in the logistics and transportation industry in the US.
To analyze the impact of COVID 19 on the logistics and transport industry supply chain and to know the vendor risk mitigation measures to mitigate them, reach out to our experts now!
Logistics and transport services constitute an integral part of buyers’ supply chain. The continuity of operations for a majority of industries is heavily reliant on the service assurance provided by vendors in the logistics and transport industry in the US. Evidently, the blockade of geographical borders and clampdown orders imposed on all the transportation services to limit the impact of COVID 19 have restricted the scopes of service delivery in the logistics and transport industry in the US. Like a chain reaction, it has triggered a blackout in the operational momentum across most of the critical industries in the US.
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Insights into vendor risk mitigation measures that will aid buyers to address challenges posed by the impact of COVID 19 on the logistics and transport industry in the US
Gain better visibility over the supply chain
Exercising better control over the supply chain of service providers in the logistics and transport industry is one of the critical vendor risk mitigation measures to address the adverse impact of COVID 19 on business continuity. Buyers must assume their administrative control over all technological systems that contain critical data. This will ensure complete transparency and visibility over the logistics operations of service providers. It is advised that buyers negotiate for better visibility across the entire supply chain using real-time metrics such as mobile and telematics systems.
Evaluate technological capabilities of service providers
To gain better visibility over service provider’s supply chain, it is a highly recommended practice for buyers to partner with service providers who are known to leverage advanced technological systems and leverage Internet-based systems to reduce cost and simplify visibility across the supply chain. Logistics platforms such as TMS, WMS, and mobile applications provide buyers greater control and visibility over their supply chain, and high collaboration across stakeholders that are involved in its supply chain, thus improving the supply chain efficiency.
Assessing service providers' data mining and analytics capabilities
The capability of service providers to predict the weather, traffic, and other real-time information, that can impact the delivery of cargos that are in transit or in its delivery times will prove to be crucial buyers to mitigate the impact of COVID 19 on their business continuity. Buyers are advised to partner with service providers who use advanced software that can process huge volumes of data and predict industry trends, changes in transport mode requirements, and the impact of changing weather patterns on the operational efficiency of the logistics function.
Request a free demo of our digital procurement platform to know more about our solutions that can help your procurement team address challenges posed by the impact of COVID-19 on the logistics and transport industry in the US
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