Building resilience is essential for the manufacturing industry to prepare itself for contingencies. “Resilience is more important than what we think, it may be understood as something that enables companies to have a competitive advantage, build scale and chalk out newer opportunities. Resilience could mean that companies have to adapt to change and become agile to reimagine businesses,” said Martin Reeves, Managing Director and Senior Partner, Boston Consulting Group, USA, at the CII Manufacturing Conclave 2022.
When businesses are reimagined, they could factor in risk mitigation measures in the supply chain. Like the proverbial belief that it’s not wise to put all eggs into one basket, goods procurement need to be diversified rather than relying on a single source. Along with this, procedures need to be in place to take this forward. “Volatility leads to resilience through agility. Policies, practices and people are three dimensions that can make the...