Businesses need to have remedial measures in place even before a crisis or disaster happens. A perfect example is a fire extinguisher- we purchase one but blatantly wish not to have use for it.

Have you ever gotten into the rut of your daily grind and have lost sight of the WILDLY IMPORTANT GOALS (WIGs)? As managers and stewards for the organization we “keep”, we oftentimes get so immersed into the mire of our daily chore and tend to divert our focus from the very objective the organization we serve aim to achieve.

Bouncing back from any crisis is not just difficult, it is almost impossible. It may sound like a cliché to most, but this Covid-19 crisis has served as the “Reset” button in all facets of societal life.

In creating a risk management team, each unit has a different function in planning and responding to crises; each member requires a unique skill set.

There will definitely be a string of disruptions in every business’ operations, of which the hardest hit would be its supply chain. The best response, therefore, is to be ready before such a crisis hits – whether it be the same in a heavier degree or a totally new one.

The breakneck speed on how we ended in a lockdown due to the Coronavirus outbreak reveals where most supply chain plans are left vulnerable. The work to re-evaluate readiness plans can be summarized in 6 areas.

Consumer behavior continues to shift as a result of the coronavirus pandemic. With this, consumer health companies must consider the stakeholders needs and interests. Three broad phases of consumer behavior are escalation, accumulation, and early recovery.

Crisis exposes the weaknesses in an organization’s value chain. The procurement organizations play a vital role in mitigating the risks and disruptions. As the leader of the function, it is the CPO who defines the strategy and culture of the procurement organization.

To achieve the earnings improvements many organizations are looking for, procurement leaders will want to examine new ways to create value. Applying zero-basing to spend categories can reveal previously hidden resources which can prove critical in responding to significant changes in demand-supply dynamics.