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Embracing change makes us stronger

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Published on Thursday, 02 July 2020

The LCL Conversation Series continued on June 30th with a webinar on Supply Chain Resilience and the impact of COVID-19 and aftermath.

Keynote speaker Jim Rice, Deputy Director of the Center for Transportation and Logistics (CTL) at the Massachusetts Institute of Technology (MIT), our partner in the MIT SCALE (Supply Chain & Logistics Excellence) Network, asked a simple introductory question: “Will you be a Hero?” and revisited the early experience of supply chain disruptions and consumer hoarding of “essential” products from the outset of the pandemic crisis.

Jim then used an interactive survey tool to poll attendees in terms of their ability to identify resilience solutions in their organisations and how to best prepare for disruptions caused by future shocks such as the COVID-19 pandemic. He also covered the seven core capacities of companies and highlighted the importance of visualisation in making “resilience” investments.

Our own Professor Benny Mantin, Director of the LCL, and an upcoming graduating Master student, Ravi Pathak, outlined supply chain risk analysis and how best to identify and quantify disruption risk, using the example of the pandemic crisis and response in Luxembourg.

A mapping of supply chain risks and time to recovery for company business was presented as a useful tool for organisations to prepare to be more resilient.

Rather than simply accepting change, we embrace it, as it makes us stronger.

Incredible front-line and essential workers have enabled the health care and grocery industries in particular to adapt their supply chains and operations quickly in response to the pandemic and ensure continuity of services under exceptional pressure and risk.

The business community must continually anticipate disruptions in supply chains and operations to pursue growth under all circumstances, including in a financial liquidity crunch.

From harnessing data to incubating ideas, innovators and leaders in all economic sectors are the ones who are developing and strengthening resilience in supply chains and all across operations to change the world.

 

Please find below the presentations and replay

Jim Rice's presentation

Benny Mantin's presentation

Ravi Pathak's presentation

Webinar recording

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