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 global trade, 'supply-chain-resilience' means ensuring supply chains can survive global challenges. An international trade analyst might note, 'Supply-chain-resilience is critical for maintaining trade flows during geopolitical tensions.'

Practice Scenarios

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.

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.