We are well aware that supply chain disruptions was at its peak with the outbreak of Covid-19. While we will be discussing the challenges and risks the supply chains witnessed, we will also be talking about supply chain management jobs. Usually, this role is a significant one. Every company tries its best to have the best supply chain management team onboard. However, as the disruptions increased, there was a noticeable decrease in management jobs.
Covid-19 did not just cause a small scale turmoil. Rather, it affected people globally – from the rich to the poor, no one was able to secure themselves from the impact of it. We noticed big differences in consumer behaviours. For example, the sales of sanitary, and health-related products and equipment witnessed a new milestone. Similarly, many people avoided buying snacks, carbonated drinks, and other such items which disrupted the supply chains of that sector.
All the consequences of covid-19 resulted in the following supply chain challenges:
- Supply chain operations have started to get more expensive. Sometimes, the global and e-commerce expenses for a firm are one of the greatest costs.
- Due to the newly formed societal implications, the supply chain activities and operations do not meet the stakeholders’ expectations. Environmental conditions are also a drawback.
- Due to a huge number of deaths, and infected employees, we noticed a shortage in talent in supply chain operations. This lack results in heavy reliance on manpower.
- Due to global disruptions, the supply chain lacks resilience.
- Flexibility in businesses witnessed a shortage as well. The raw materials, machinery and manpower are all the factors that affect the provision of customization and personalization facilities to consumers.
- The outdated IT systems still rely on older technologies, due to which they are not credible, and efficient.
How Can The Federal Trade Commission Act To Fight Against The Pandemic?
The federal trade commission act has remarkably protected citizens’ rights through hard times. The Federal Trade Commission does not work on investigating businesses only but also tries to strengthen the government’s efforts for the betterment of the country’s economy. Needless to say, a stable economy is beneficial for both consumers and business owners.
However, with time we have noticed that FTC has been rewarded with increased authority and power, which drives us to the question “how will the federal trade commission respond to supply chain disruptions?”
FTC has started a formal process through which they have requested all mega-retailers, wholesalers, and consumer products suppliers to share relevant information. FTC aims to use this information as a case study to find out the reasons behind this supply chain disruption. The orders by FTC require the companies to detail the primary factors preventing them from buying, transporting, and distributing their products. Plus, the impact of postponed and canceled orders, price hikes, and the commodities, suppliers, and components that are most affected. Furthermore, it should also include the initiatives these businesses are taking to lessen disruptions. At last, the businesses should discuss their strategy of allocating the products in their retail stores, especially those that are in scarce supply.
Through such steps, the Federal Trade Commission is trying its best to ensure that the supply chain disruptions turn into progress, as soon as possible.