{"id":19739,"date":"2021-11-18T12:31:47","date_gmt":"2021-11-18T17:31:47","guid":{"rendered":"http:\/\/www.evopayments.us\/staging\/?p=19739"},"modified":"2021-12-10T10:07:10","modified_gmt":"2021-12-10T15:07:10","slug":"how-to-overcome-supply-chain-shortages","status":"publish","type":"post","link":"https:\/\/www.evopayments.us\/staging\/how-to-overcome-supply-chain-shortages\/","title":{"rendered":"How To Overcome Supply Chain Shortages"},"content":{"rendered":"\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-text-align-justify has-medium-font-size has-mobile-text-align-left\">Your business\u2019s supply chain is likely a complex web of interdependent relationships where one disturbance can throw off the entire system. It\u2019s no secret that supply chains in many industries and parts of the world have experienced serious dysfunction. Unfortunately, there may be certain individual variables that can only be solved by time\u2014not by money, planning, or persuasion. The wise old expression \u201cyou can\u2019t get blood from a stone\u201d is certainly relevant when updated to \u201cyou can\u2019t get a pallet of goods from an empty warehouse.\u201d But for many other aspects, good planning<strong> <\/strong><em>can<\/em> make a big difference. Consider the following advice, and help your company be more prepared for this global phenomenon.<\/p>\n\n\n\n<div style=\"height:18px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"has-text-align-center\" id=\"investigate-your-sources\"><strong>\u00b7 INVESTIGATE YOUR SOURCES \u00b7<\/strong><\/h3>\n\n\n\n<div style=\"height:14px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Become aware of which countries and cities are involved in your own S.C., and what major factors are at play there.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>If you deal in things like household goods or food, things may be easier, because inputs for these (wood, fabrics, produce) are available worldwide. Items that require rare materials or specialized manufacturing equipment, on the other hand, are more prone to disruptions. You may need to do a little detective work. Does your supplier produce rubber gaskets in only <em>one<\/em> plant in Indonesia? If so, your disruption risk is higher than if they\u2019re diversified.<\/p>\n\n\n\n<div style=\"height:17px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>The factories and people who make your components are likely already half a world away\u2014so why not a little added distance? Many companies are now using what\u2019s called a \u201cChina Plus One\u201d strategy. This may sound like a sitcom about mismatched roommates, but it simply means sourcing items from one\u2019s original Asian supplier <em>plus<\/em> one additional country. Take note, though, that areas without high-capacity ports and container ships will translate to longer waits.<\/p>\n\n\n\n<div style=\"height:16px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"has-text-align-center\" id=\"prepare-a-formal-response-plan\"><strong>\u00b7 PREPARE A FORMAL RESPONSE PLAN<\/strong> <strong>\u00b7<\/strong><\/h3>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>A mental checklist of half-formulated ideas is not going to do much good when there\u2019s an emergency deadline looming. It is a good idea, for instance, to start pursuing options for alternate sources of supply <em>now <\/em>rather than later; lay out a timeline and your goals. In the event of postponed workflow, you may also need a staff plan regarding furloughs or limited hours, and how to communicate changes.<\/p>\n\n\n\n<div style=\"height:17px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>If your company is large enough to afford consulting services, it may be worthwhile to contract with an efficiency expert to help formulate your plan. Whatever that plan may be, put it down in writing and share it with teammates. Schedule a meeting to review, talk through \u201cwhat if\u201d scenarios, and make adjustments.<\/p>\n\n\n\n<div style=\"height:18px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"has-text-align-center\" id=\"update-your-inventory-policies\"><strong>\u00b7 UPDATE YOUR INVENTORY POLICIES<\/strong> <strong>\u00b7<\/strong><\/h3>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>A \u201cJust In Time\u201d replenishment model may not be ideal at present. Should you to build an inventory of finished goods, or just some necessary supplies? The internet has tutorials with formulae to help calculate amounts.<\/p>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Should you increase your amount of \u201csafety stock\u201d held? The tumultuous toilet paper shortage of 2020 was worsened by stockpiling, which\u2014like during World War II\u2014led to public service reminders that hoarding is unfair to others. In that sense, it is up to each leader to determine their corporate social responsibility obligations. Additionally, holding too much stock can be a waste of capital\u2014especially if spoilage or obsolescence factor in.<\/p>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"has-text-align-center\" id=\"address-outbound-logistics-and-policies\"><strong>\u00b7 ADDRESS OUTBOUND LOGISTICS AND POLICIES<\/strong> <strong>\u00b7<\/strong><\/h3>\n\n\n\n<div style=\"height:18px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>On the flip side, you may not always be on the \u201creceiving\u201d end of delays. Be mindful of barriers to your product\/service delivery methods, and evaluate alternatives. Prepare contingency plans that address customer service concerns. <strong><em>Will you offer partial refunds for lateness?<\/em><\/strong> <strong><em>Should you create a phone script <\/em><\/strong><em><strong>for fielding complaint calls?<\/strong> <\/em>Unfortunately\u2014fair or not\u2014the customer who needed their widget on time may still feel delays reflect poorly on your company. It may seem as if anyone who\u2019s not living under a rock should be aware of supply issues, but customers might be more understanding if you specify the nature of the hold-up.<\/p>\n\n\n\n<div style=\"height:19px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"has-text-align-center\" id=\"ongoing-and-short-term-prospects\"><strong>\u00b7 ONGOING AND SHORT-TERM PROSPECTS<\/strong> <strong>\u00b7<\/strong><\/h3>\n\n\n\n<div style=\"height:18px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>In the short term, supply chain malfunctions are likely to remain a severe problem. The good news, however, is that advances in technology will eventually help society to address existing distribution problems. Things like additive manufacturing (3D printing), RFID inventory systems, improved ERP software, and the evolution of old linear models into digital supply chains will continue to improve efficiency in the global economy.<\/p>\n\n\n\n<div style=\"height:60px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator is-style-dots\"\/>\n\n\n\n    <div class=\"cta cta-full\">\n        <img src=\"https:\/\/www.evopayments.us\/staging\/wp-content\/uploads\/2019\/11\/cta_full-width_3.jpg\" alt=\"\" \/>\n        <div class=\"content-holder\"> <!--this extra div is needed to make line behind content and above image-->\n          <div class=\"content\">\n            <h3>Connect with Us<\/h3>\n            <p>With business activities in 50 markets and 150+ currencies around the world, EVO is among the largest fully integrated merchant acquirers and payment processors in the world.<\/p>\n            <div class=\"button-container\"><a href=\"\/about\/contact-us\/\" class=\"btn border\">Contact Us<\/a><\/div>\n          <\/div> <!-- \/.content -->\n        <\/div> <!-- \/.content-holder -->\n    <\/div><!-- \/.cta -->\n\n        ","protected":false},"excerpt":{"rendered":"<p>Your business\u2019s supply chain is likely a complex web of interdependent relationships where one disturbance can throw off the entire system. It\u2019s no secret that supply chains in many industries and parts of the world have experienced serious dysfunction. Unfortunately, there may be certain individual variables that can only be solved by time\u2014not by money, [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":19775,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_editorskit_title_hidden":false,"_editorskit_reading_time":3,"_editorskit_typography_data":[],"_editorskit_blocks_typography":"","_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","_mi_skip_tracking":false},"categories":[316,460],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How To Overcome Supply Chain Shortages - EVO Payments<\/title>\n<meta name=\"description\" content=\"Consider the following advice, and help your company be more prepared for this global phenomenon. Click the link and learn more.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.evopayments.us\/staging\/how-to-overcome-supply-chain-shortages\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How To Overcome Supply Chain Shortages - EVO Payments\" \/>\n<meta property=\"og:description\" content=\"Consider the following advice, and help your company be more prepared for this global phenomenon. 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