The 2008 global financial crisis revealed the vulnerabilities in the manufacturing and logistics industries. In order to avoid a repeat, manufacturers must prioritize resiliency and agility. Salesforce has helped manufacturers tackle these problems for over two decades. With the introduction of the Manufacturing Cloud, it has bridged the gap between sales and operations teams. The industry is capital intensive and involves complex physical operations. Because of these difficulties, it is challenging to anticipate variability and quickly adapt. Unpredictable events can adversely affect the bottom line.
Before the COVID-19 pandemic, uncertainty had already increased. Trade disputes, Brexit, and decarbonization had profound effects on many industries. The pandemic would usher in an era of shutdowns, hybrid work, and reversals. It also opened up the possibility of new business models that take advantage of existing technologies. Regardless of their limitations, the challenges will be many, and companies will need to prepare for them.
The pandemic caused businesses to reassess their operational and financial risks. Inflation has returned to the United States and the European Union, and the volatility of commodity prices has risen. As a result, companies are increasingly relying on procurement nerve centers staffed by supply chain, finance, and operations specialists. These centers can provide a better understanding of what makes a successful supply chain.