We are all familiar with the proverb “necessity is the mother of invention.” In an interdependent global economic environment, anticipating unexpected risks is built into the DNA of every organization, large and small. But nothing could have prepared us for the pervasive impact of this pandemic. According to a survey by the Institute of Supply Management, 75% of companies are reporting significant supply chain disruptions, which is unprecedented in modern times. Just in time inventory and dependence on lowest cost suppliers, the hallmark of modern supply chain management, now represents risks to businesses.
