Abstract
Due to COVID-19, the supply chains were disrupted in many ways. This chapter aims to identify the strategies that can help the industries develop a resilient supply chain that can handle any kind of disruption. Five strategies are determined from the literature review. A questionnaire is being developed for survey-based research in four types of industries. The industries that are targeted are automobile industries, garment industries, steel industries, cement industries. For data analysis, exploratory factor analysis and structural equation modelling are used. In this research, an empirical investigation is carried out to present the research framework. All the proposed hypotheses are accepted, and the developed model satisfied all the parameters.
TopIntroduction
COVID-19 is a type of virus infecting human beings on a large scale. Many countries face many problems due to the pandemic (Sarkis, 2020). Human lives are being lost, and also there is a decrease in economic activities. Many industries face problems as they have to change their strategies to handle this pandemic (Ivanov & Dolgui, 2020; Karmaker et al., 2021). This pandemic negatively impacted many industries like the automobile, travel and tourism, manufacturing, garment, retail, etc. Some of the country’s governments had strict regulations like countrywide lockdown to break the virus chain and save human lives (Belhadi et al., 2021). The serious lockdown was implemented in India, where no state movement was allowed except emergency services. Industries were also shut down during these, which badly hit the economy. This also impacted the companies' supply chain (SC), and global SC experienced many challenges like shutdown to seaports, airports, restrictions in vehicle movement, and many others (Ivanov & Dolgui, 2020). The economy will slow recovery from the pandemic by the end of 2021 (Fernandes, 2020).
RSC is built on the rapid generation of insights. SC leaders can respond to disruptions by leveraging advanced analytics to analyze internal and external significant data sources rapidly. Advanced analytics use AI and machine learning to provide predictive and prescriptive recommendations and forecasts (Scheiwiller & Zizka, 2021). Let's take a closer look at the key areas where this technology can add value amid the pandemic. Previous demand forecasts are no longer practical due to significant changes in customer demand patterns (Xue et al., 2021). Various product categories are experiencing demand fluctuations. Analysts who forecast demand have little to no understanding of the factors shaping the market shortly. Because the pandemic is affecting different regions differently, there has never been a greater need for localized and real-time data (Dube et al., 2021; Miani et al., 2021). Organizations should change their estimating approach in the coming months, either because of a super durable change in purchaser practices or the outdated nature of their chronicled information (Xue et al., 2021). Associations expect to start to finish perceivability into stock accessibility in distribution centers and retail stores. They additionally need to know which items are selling, when they are selling them, and where they are offering them to react rapidly to changing requirements (Asamoah et al., 2021; Karmaker et al., 2021; Kumar & Kumar Singh, 2021).
Key Terms in this Chapter
Automation: Automation refers to application areas in which human input is lowered. This would include automation, IT automation, and individual applications such as automation, among other things. Supply chain mechanization uses digitalization to achieve the optimal, connect applications and streamline processes within supply chain operations.
Flexibility: The ability to respond to short-term changes in the market or supply in supply chains is meant to refer to as flexibility. other exterior interruptions, as well as adjusting to strategic and operational shifts in the surroundings about the supply chain
Sustainability: Sustainability entails meeting our own needs without compromising future generations' ability to meet their own. The effect of a company on advancing human rights, labour standards, environmental progress, and anti-corruption policies is regarded as supply-chain sustainability. A sustainable supply wants to capitalize on supply chain possibilities and provides early purchasers and procedure inventors with a substantial comparative edge.
Digitization: Digitization is a process that, when done correctly, can be vastly transformative for a company - but only after an organization successfully digital form. Digitization, as the enabler, converts information about the products, such as pictures and documents, into an electronic medium.
Resilient Supply Chain: A resilient supply chain is defined by its capacity to endure and restore from disruptions. That means becoming able to resist or even avoid the impact of supply disruption - as well as recovering quickly from one. Issues of the supply chain can be jeopardised by risk management and disruptions.