×

How to request information

1 Click on Free Quote
2 Fill out brief form.
3 Await a response

If you have technical problems, please contact us email to support@leansupplysolutions.com . Thank you!

SUPPORT HOURS

Mon-Fri 9:00AM - 6:00PM
QUESTIONS? CALL: 866-924-5777
  • SUPPORT

Lean Supply Solutions - Innovative Supply Chain Solutions

Lean Supply Solutions - Innovative Supply Chain Solutions

INNOVATIVE SUPPLYCHAIN SOLUTIONS.

T 416-748-8982
Email: info@leansupplysolutions.com

Lean Supply Solutions.
3100 Caravelle Dr Mississauga, Ontario L4V 1K9 Canada

Open in Google Maps
  • HOME
  • ABOUT US
    • WHY US
    • TEAM
  • SERVICES
    • LOGISTICS
      • Fulfillment
      • Retail Distribution
      • Supply Chain Management
      • Transportation & Delivery
    • LEAN VALUE-ADD
      • Repackaging & Packaging in Supply Chains
      • Product Rework and Repair
      • Material Screening and Selection
      • Supply Chain Cost Containment
      • Lean Consulting
    • INDUSTRIES WE SERVE
      • RETAIL
      • AUTOMOTIVE
      • ELECTRONICS
      • Food Industry
      • FASHION
  • TECHNOLOGY
    • PLATFORM
    • SUPPLY CHAIN VISIBILITY
    • ECOMMERCE INTEGRATION
    • ERP INTEGRATION
    • TRANSPORTATION INTEGRATION
  • LOCATIONS
    • Toronto, ON
    • Vancouver, BC
    • Markham, ON
    • Mississauga, ON
    • Atlanta, GA
    • Redlands, CA
  • CORPORATE
    • HISTORY
    • ARTICLES & BLOGS
    • NEWS
  • CONTACT US
    • HR Opportunities
FREEQUOTE
  • Home
  • Blogs
  • Blog
  • Top 5 Factors That Supply Chain Leaders Must Employ During Black Swan Events
April 2, 2023

Top 5 Factors That Supply Chain Leaders Must Employ During Black Swan Events

Top 5 Factors That Supply Chain Leaders Must Employ During Black Swan Events

by Tom K / Thursday, 21 May 2020 / Published in Blog

Supply Chain LeadersStrong leadership skills aren’t just an industry-wide preference for the supply chain, logistics, and warehousing industry; they’re crucial attributes that directly or indirectly contribute to the successful functionality and execution of specific operational standards.

Preparation, experience, and foresight are three of the most important attributes of being a good leader in any industry. However, even the most experienced and level-headed leaders aren’t immune to certain strategic and unprecedented blind spots.

Black swan events can happen to anyone and these types of situations are proof that it’s essential to have a workable contingency plan—or several—in place at all times in case something goes awry. Risk potential is always prominent in business ventures, regardless of size or stature. But black swan events are a special kind of breed in their own right.

What Is a Black Swan Event and How Can It Impact Your Business?

Black swan events are characterized and defined by three unique traits:

  • Total unpredictable or something that’s unforeseeable
  • Having a severe impact on a person, a group of people, society, or a business
  • The overpowering and often misguided belief that hindsight can rationalize the specific event in question and its impact (e.g. we should have seen it coming given the overwhelming evidence at the time of the event)

Basically, the nature of the black swan event eludes predictability and it’s therefore considered to be unprecedented, which is why we often lack adequate preparation or mitigation for such an event. By many accounts, the COVID-19 pandemic could be considered a global black swan event as it ticks off all of the characteristics mentioned above.

How to Offset the Effects of Black Swan Events for Your Supply Chain

Given the fact that black swan events are typically unpredictable and unprecedented, you might be under the false impression that there’s nothing you can do to prepare your supply chain for such an event. The responsibility of supply chain leaders is to do everything in their power to try to minimize the amount of risk incurred during a black swan event. That implies the perpetual need for several contingency plans to be put in place well ahead of time to help mitigate the damages caused by black swan events.

Here are five factors supply chain leaders should consistently employ in their operations.

Clear and Effective Communication across the Board

When it comes to running a successful manufacturing, distribution, and delivery business, the lines of communication across all channels must be clear, concise, and consistent. Basically, everyone in your organization from the top-level figureheads right down to the warehouse and manufacturing associates, all need to be on the same page at all times.

True leadership is the embodiment of a concrete understanding of all levels of your business and that includes the supply chain operations.

Black swan events demand excellent communication skills so that you can steer your company, shareholders, team leaders, and associates in the right direction and everyone knows exactly what they have to do to get there.

Awareness of Disrupting Factors

It’s a given that you need to know the ins and outs of your business and that includes your supply chain operations. Otherwise, you have no way of knowing the day-to-day challenges and shortcomings of your business.

Additionally, a lack of knowledge and awareness of these challenges can also create huge blind spots for your business, leading to a breeding ground for disrupting factors to reign supreme.

A big part of risk management is actually being aware of the types of risks your business stands to face. But it also entails being prepared for the risk and disrupting factors that aren’t always so obvious. It’s like steering a ship across the Atlantic knowing that there are icebergs out there, but not preparing for storms.

Form a Rapid Response Team for All Kinds of Events

Although it’s impossible to ever be fully prepared for black swan events given their unpredictable nature, supply chain leaders can and should form general service rapid response teams for a variety of situations.

Inclement weather, traffic delays, accidents, geopolitical conflicts, and global health crises are just some of the potential risk factors the supply chain industry faces. These are all general facts of life. But the specific situations and how local, regional, and federal governments respond to them are entirely unique.

Situation-based rapid response teams can help your team better navigate and mitigate these issues to maximize production and fulfillment during black swan events.

Empathize with the Situation

Empathy is always in high demand, but most often in short supply. Black swan events are typically high-stake situations that range from devastating natural disasters to global health crises, or even diplomatic discrepancies.

These are all high-stress situations that not only directly impact your customers, but they also have an emotional and physical impact on your team members. Keep that in mind when you’re putting together a rapid response team for your supply chain.

Business and Supply Chain Flexibility

COVID-19 has forever changed the way most businesses do business. As new challenges continue to arise out of the woodwork, your business and your supply chain protocols need to remain flexible enough to adapt to the new standards being put forth. Black swan events are unpredictable and therefore, you need a supply chain operation that can easily adapt to each new situation accordingly.

Black swan events can happen at any time and anywhere. As our name implies, Lean Supply Solutions is committed to providing our clients with the support, expertise, and logistical solutions to help them overcome the unforeseen challenges of black swan events. We can help minimize the risk factor for your business while maximizing and streamlining your supply chain productions.

Contact us today to get a free quote and learn more about our supply chain services.

  • Tweet
Tagged under: Supply Chain

About Tom K

What you can read next

What to Consider When Choosing an Order Fulfillment Service
Top 5 Factors to Consider while Choosing a New Fulfillment Partner for Your Business
6 Supply Chain Management Trends to Watch Out for in 2020

Featured Posts

  • What Is Order Cycle Time?

    What Is Order Cycle Time and How Can You Improve It?

    0 comments
  • Cross-Docking

    Cross-Docking: A Definitive Guide to the Advantages and Disadvantages

    0 comments
  • Holiday Shipping Fulfillment

    How to Prepare for Holiday Shipping Fulfillment

    0 comments
  • Custom Product Packaging

    How Custom Product Packaging Improves the E-Commerce Experience

    0 comments
  • Benefits of Value-Added Services

    Advantages of using Value-Added Services Provided by Your 3PL Partner

    0 comments

Archives

  • February 2023
  • December 2022
  • November 2022
  • October 2022
  • August 2022
  • June 2022
  • April 2022
  • March 2022
  • February 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • April 2021
  • March 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • December 2015
  • August 2015

Categories

  • Blog
  • Mobile
  • Networking
  • News
  • Technology

About Us

  • Why Us
  • Team
  • History
  • Blogs
  • News

Services

  • Fulfillment
  • Retail Distribution
  • Supply Chain Management
  • Transportation & Delivery

Industries We Serve

  • Retail Distribution
  • Automotive
  • Food
  • Electronics
  • Fashion

Get in Touch

HQ Corporate Offices
3100 Caravelle Dr Mississauga
Ontario L4V 1K9

Canada.
T 416-748-8982
F 289-427-5658
Email: info@leansupplysolutions.com

  • GET SOCIAL
Lean Supply Solutions - Innovative Supply Chain Solutions


© 2012-2023 Copyright (c) Lean Supply Solutions Inc.

TOP