PCB007 Magazine

PCB007-Apr2020

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52 PCB007 MAGAZINE I APRIL 2020 Insights From the Institute for Supply Management On March 11, the ISM revealed the first- round results of a survey focused on the im- pact of coronavirus disease 2019 (COVID-19) on businesses and the supply chain. Notably, nearly 75% of companies report supply chain disruptions in some capacity due to coronavi- rus-related transportation restrictions, while more than 80% believe that their organization will experience some impact because of CO- VID-19 disruptions. Of those, one in six (16%) companies report adjusting revenue targets downward an average of 5.6% due to the coro- navirus [2] . Take a Deep Breath: Then Review Your Core Business Processes The stock market is extremely uncertain right now, with traders selling based on fear instead of sound strategy. This is also having a direct impact on the global economy and will for the foreseeable future. However, this slow- down in demand can also be seen as an oppor- tunity to examine and take necessary operat- ing safeguards within your supply chain and quality management systems. A gallon of gas in our neighborhood today is below $1.85/gal. Even if it continues to go down, we all know at some juncture in the not too distant future, we will have the privilege of paying close to $3.00/gal again. While the prices of some products like gas are falling, others may be rising and difficult to procure amid supplier shutdowns and part allocations. Now is the time to look at your business in areas that may not have received the amount focus and/or attention that you, as a leader, know are needed for long-term success within the markets you serve. Preemptive Measures • Go back and look at your quality manage- ment system (QMS). Why quality? Since a "Use this current state situation to address some 'fundamental blocking and tackling' to preemptively ready your organization for a new normal as we exit this pandemic—specifically within your supply chain."

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