Question

Global Supply Chains have been hit extensively by the Coronavirus SARS-CoV-2 (COVID19) pandemic affecting Global trade and Investment at an unprecedented speed and scale. This has been worsened by the reliance on China for most supplies causing most governments, businesses, institutions, and individual consumers with unprecedented shortages. The effect has been predicted to last for a few years.

The current situation calls for a radical change in procurement and modeling of supply chains. You are to recommend the critical change that either a public sector organization, Multinational company or a local firm needs in the management of their procurement strategies and processes taking cognizance of their Supply chains. You must factor in the relevant theories, strategies and tools in your recommendation.

Answer 1

the pandemic has hit almost all the business all around the world.we can take preventive measure against this,

it has been observed that foreign investors have decline the investment share in the abroad economy and therefore almost in every country there is a financial crisis.

we can take the reference of schumpeter theory where he defined the role of entrepreneur as well as the innovation.therefore in this crisis all the economy should focus to develop the small and medium enterprises which would utilize the given technology and would help to develop the economy.

1. DEVELOPMENT OF DOMESTIC MARKET-economy should be focused on development with the development of domestic market so the self-dependency may increase in the economy.
2. RELIABILITY ON LOCAL PRODUCERS-local producers should be encouraged to producer more and should be given due importance because this sector would create various job opportunity which would help in production and create the supply of various goods and services in the economy.
3. AVAILING THE BENEFITS OF TECHNOLOGY IN THE SUPPLY-online order placement and effective delivery should be provided to the consumers at nominal possible rate.
4. PREVENTING THE INTEREST OF SMALL AND MEDIUM PRODUCERS -government should prevent the interest of small and medium enterprises from the manipulation by the larger firms,they should get paid fairly well for their respective efforts concerned with the production.
5. PROVIDING ASSISTANCE BY GOVERNMENT-government should provide tax incentive to the producers so they would be induced to produce more and net income in hand would be increased

the above steps would be helpful for the smooth functioning of economy as well as effective working of supply chain.