The 2:00 Minute Warning

BY MIKE REGAN, CO-FOUNDER OF TRANZACT

The coronavirus has brought our world to a near halt. Cancelled flights, conferences and events have soared like I’ve never seen before.

Times like these which call for drastic measures also contain hysteria and panic as a byproduct. We encourage you to stay calm. For some companies, keeping the supply chain moving will be a needed part of the response to keep medical supplies and other essential items in stock.

Additionally, while everyone is focused on the high-stakes immediate response, we encourage to set time aside as soon as possible to consider how you’ll manage your supply chain once the coronavirus subsides.

Pent up demand from the coronavirus, combined with carrier closings and seasonal effects, could create another perfect storm for the logistics industry.

There is still a lot of uncertainty about when this virus will subside – virologists and epidemiologists have theories but no consensus. Containment, immunity, and vaccines are all possibilities.

Whether it’s a slow or sudden return to normalcy—and whether it happens sooner or later— it is important to stay informed and also utilize contingency / scenario planning processes to plan for the future.

We have two resources that could help.

One is our recent interview with Derek Leathers where he illustrates the trends that have been happening in the freight marketplace.

Another is our COVID-19 Update Center for Shippers. We’ve been reaching out to people in the community for exclusive interviews about how this virus could impact the economy and shipping community, and you’ll find them all here.

And if you are looking at how the scenario planning process can help you manage your supply chains, our team at Supply Chain Edge can be a valuable resource for you.