Organizational resiliency is one’s ability to return to base or normal procedures after facing obstacles and changes. In today’s landscape, leaders need to support a flexible and adaptive workforce so that supply chains can easily bounce back from adversity.
In 2020, 69% of organizations have faced disruptions to their processes due to the spread of COVID-19. With much of the workforce transitioning to remote work and supply chain lines facing disruptions in cash flow and payments, companies have realized the importance and necessity of fostering resiliency in their organizations. Shocks to the supply line that disrupt business are occurring more frequently and are lasting for longer periods of time.
For businesses to remain afloat, organizational resiliency needs to become a priority.
Companies must invest in a continuously adaptive strategy and true digitization to be resilient and thrive. Those who trust their own ability to react “in time” will ultimately fail. Tradeshift provides access to a network of digital solutions that can ensure organizational resiliency and reinforce relationships between you and your partners. Now it’s time to stop being reactive and start being proactive. It’s time to plan for organizational resilience.
The ability of an organization to react and recover from challenges is vital to its overall success. Organizational resiliency enables organizations to practice proactive preparedness and dynamic planning. This preparation has been linked to greater levels of organizational success and a supply chain that is resilient in times of crisis. To top it all off, companies that focus on organizational resiliency boasted a 60% higher five-year revenue growth.Read more about Supply Chain Resilience
To create a resilient organization, executive leadership needs to understand and engage with their teams. Through active listening and heightened communication, leaders can gather intel on their organization’s working aspects and areas where their partners need more support or assistance. In periods of change, the relationships between business partners are critical to ensure smooth transitions.
One way to ensure a smooth transition is by promoting a culture of transparency in communication both internally and externally. Increasing communication lines between sellers and buyers will lead to higher levels of trust, higher productivity, and well-defined values.
When working in unprecedented times such as these, the sense of ease in knowing that you and your suppliers can continue to get paid promptly is paramount to your organization’s resiliency.
You’ve lived through era after era of organization and supply chain disruptions. You watched as businesses around you failed, but you scraped your way back to a “new normal.” Your focus on business continuity kept you afloat this time.
Now it’s time to stop scrambling to stay afloat in the wake of disruption—and take steps to ensure your organization is prepared for disruption by adopting a continuously adaptable mindset. .
Our dynamic B2B Supply Chain solutions foster collaboration across all aspects of your supply chain. By consolidating your suppliers, sellers, and buyers in one easily-accessible network, you can efficiently communicate with your partners and track each transaction’s progress. On the Tradeshift network, sellers get more of the capabilities they need, including transaction visibility, advanced analytics, and actionable insight. Buyers and sellers have access to real-time data, enabling quick decision making in times of crisis.
What does this mean? Tradeshift enables you to connect more closely with your existing buyers through seamless, digital interactions. It is well understood that your business cannot operate at its best unless it has access to real-time data. Tradeshift expedites this process by tracking and documenting all streams of communication so that all interactions are easily accessible.