RESILIENCE IN THE SUPPLY CHAIN IS CRITICAL TO HEADING IN THE RIGHT DIRECTION
As they’ve done through a number of natural disasters and crises throughout history, logistics and transportation companies have played a unique role throughout the COVID-19 pandemic and will continue to be a key part of the economic recovery going forward.
Whether delivering essential personal protective equipment around the world or supporting businesses by transporting critical parts and products, the logistics and transportation sector has helped ensure the global flow of goods by providing essential services — as a critical cog in a very large wheel.
During the pandemic, we’ve seen the need for a connected supply chain become ever more apparent. One small breakdown in a complex network can have a major impact for businesses during uncertain times, which is why a connected supply chain is critical now more than ever.
In fact, a recent McKinsey report has suggested that a huge majority of firms are planning to increase resilience in light of the disruption due to COVID-19, and many are prepared to improve resilience at the expense of short-term efficiency. New technological solutions are already available in the sector and their acceptance and adoption is likely to be fast-tracked in
the wake of the pandemic.
Other actions to build resilience include dual sourcing, more inventory of critical products, near shoring of supplier and production, higher safety stock and regionalization, among others. And there’s more to come.
In this edition of the Business Magazine, we’ll highlight some of area companies that are helping to keep employers headed in the right direction, including Barnhart Transportation, an innovative transportation and logistics provider headquartered in North East, Pennsylvania, that is one of seven standalone entities owned and operated by brothers Bryan and Tim Barnhart.
We’ll also hear from Derek Martin, executive director of the Erie International Airport, Tom Ridge Field, on how the hub is responding in the COVID-19 era and continues to be a regional asset for travelers in northwest Pennsylvania.
Plus, we’ll hear from legal experts about the ABCs of 2020 Incoterms that could be essential for your operations, as well as other timely topics, including an update on the Fair Labor Standards Act as what constitutes compensable travel time.
And, don’t miss our special insert – our fall MBA Training Catalog. Our training team has been busy creating a robust lineup of in-person and online courses that can help you take your team — and your operations — to the next level! Be sure to check it out or visit www.mbausa.org to learn more!