A recent PWCsurvey found that only 23% of financial institutions were concerned with Supply Chains and Operations during the COVID-19 pandemic and its resulting impacts. However, it is important to stop and consider how COVID-19 impacts your supply chains, your operations, and your bottom line.
Since COVID-19 is having unpredictable impacts geographically it is difficult to understand how the virus is not just impacting your own workforce, but those of your vendors. Critical staff may suddenly be unavailable or slower to respond. This can have both immediate and medium-term impacts slowing your ability to conduct business at your usual tempo, miss deadlines, have projects delayed, or worse could negatively impact your customers.
At Venture Lynk we recommend using our continuous monitoring of the business health of your vendors to spot trends quickly to see if your vendor’s behavior has changed in the last 30 to 180 days. Further, we recommend maintaining open lines of communication with your critical vendors so if concerns are spotted, issues can be worked out proactively to mitigate any impacts to revenues.