How to be better prepared for Supply Chain Disruptions

Supply chain disruptions are not a problem isolated to a few unlucky companies – every business that uses a supply chain will experience a disruption at some point. It may be small enough to work around easily, but it can also be large enough to bring the normal momentum of business to a screeching halt.

 

So how can you avoid or position your business so it is better equipped to handle a supply chain disruption? 

 

Build redundancies within your supply chain. Keeping more than one supplier or service provider on call will add flexibility into every aspect of your supply chain so that when one fails, you have a back-up.

 

On that same note, when selecting a 3PL or 4PL to work with, always look for multi-client service offerings. These will help you distribute costs like overhead, labor, and warehousing by sharing them with peers – driving your financial liability in a disruption down substantially.

 

The cost savings of this approach also means it’s more affordable to warehouse safety stock, keeping you better prepared in a shortage of finished products or manufacturing components.

 

In closing, attractive attributes like redundancy and flexibility do come with up-front costs, but the expense of not having them in a disruptive crisis is far higher. Shore up your own disruption defenses and look to form beneficial partnerships with companies like Millennium Logistics with experience in multi-client services.

 

If you’re interested in learning more about our services and experience with multi-client services, contact us today. Remember, you will need a contingency plan for a disruption at some point in your operation, and as the saying goes, an ounce of prevention is worth a pound of cure.

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