supply-chain-resilience

Vocabulary Word

Definition

'Supply chain resilience' means how quickly and efficiently a business can recover from disruptions to its supply chain. Think of it as the ability to withstand a storm and then quickly get back to sunny days.

Examples in Different Contexts

In retail, 'supply-chain-resilience' involves creating a flexible supply chain that can adapt to changes. A retail manager might observe, 'Building supply-chain-resilience has allowed us to keep our shelves stocked, despite supplier issues.'

Practice Scenarios

Tech

Scenario:

The global hardware shortage is causing some concerns in our department. Have we developed a strategy to mitigate these issues?

Response:

Investing in supply chain resilience should be our priority. We should consider securing more suppliers for our critical hardware components.

Business

Scenario:

Our company faced some challenges with raw material availability last quarter. How can we prepare better for such situations?

Response:

We should put more emphasis on supply chain resilience. This might involve setting up alternative sources of key inputs.