LONDON--(BUSINESS WIRE)--SpendEdge, a leading procurement market intelligence company, has announced the completion of its article that reveals the top 5 coronavirus risk assessment strategies that have proven functional in mitigating the emerging healthcare industry supply chain challenges.
It will be unfair to singly blame the ongoing pandemic for the emerging healthcare industry supply chain challenges that are crippling the efforts of medical professionals who are on a war footing to treat the ailing. Shortage of PPE, masks, sanitizers, essential medical devices is one of the major factors that are not only revealing the vulnerability of healthcare industry supply chains but are ultimately putting the global medical effort into jeopardy. In 2017, Hurricane Maria ravaged the island of Puerto Rico which was one of the main IV suppliers for the US. This was yet another reminder dated back to devise a responsive supply chain for the healthcare industry in particular.
The current crisis has amplified these challenges and has issued a reality check for enterprises regarding the readiness of their supply chains to the present and future hours of emergencies. This ideology underlines the coronavirus risk assessment strategies enlisted in the article.
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Brief Overview of Some of the Coronavirus Risk Assessment Strategies Enlisted in this Article
Adopt multiple sourcing options: Considering the implications of the current crisis on the healthcare industry supply chain, it is prudent of buyers to have a supply back-up. This essentially implies procuring from multiple suppliers instead of depending on a single vendor. Adopting multiple sourcing options can serve as one of the straight-forward and simplest coronavirus risk assessment strategies to unclog supply bottlenecks in this industry.
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Assess the implementation of VMI programs by suppliers- Partnering with suppliers who leverage VMI programs will not only aid buyers to minimize their inventory costs but will also ensure supply continuity. Buyers should engage with suppliers who provide efficient inventory management solutions, such as JIT, that help to reduce inventory maintenance and storage costs.
Adopt big data analytics in the sourcing process- Trusted as one of the effective coronavirus risk assessment strategies to address healthcare industry supply chain challenges, the adoption of big data analytics will help enterprises conduct an effective demand projection. Big data analytics will offer real-time visibility of data to either party by ensuring transparency in the supply chain which is deemed as a crucial coronavirus risk assessment strategy.
To stay on top of latest trends and supply market information, check out SpendEdge’s knowledge center on coronavirus impact assessment.
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