It seems like ages ago that the boat that launched a thousand memes wedged itself firmly in the Suez Canal clogging up news feeds and supply chains the world over. The planet’s media may very well have moved on, but the backlog hasn’t been quite so easy to shift with ports everywhere working at hyper speed to shift products onwards and try to ward off opportunistic thieves looking to cash in on the delays.
Ports are having to invest in additional staff and security to try to get trade routes back to normal but with over 30% of the world’s cargo movement making use of the Suez Canal, the size of the backlog wouldn’t be one to be sniffed at during a normal year.
In truth, the pandemic also brought product movement to a grinding halt even before Ever Given’s much documented grinding halt in the busiest shipping lane in the world; global supply chains were already playing catch up in March 2021.
This is of course before adding the impact of Brexit into the mix. Increased red tape on imports and exports, a national shortage of lorry drivers to distribute goods on arrival and increased costs across the board have all contributed to the further slowing of product supply in the UK. The three combined are causing headaches for retailers waiting on deliveries as well as manufacturers waiting for component parts from far flung corners of the world.
All of this has highlighted not only the fragility of the global trade network but the importance of making the earliest and most accurate procurement decisions for your business in order to minimise the impact of supply chain issues from here on out. But how?
Stocktaking of course. Adopting effective stocktaking practices and working with a trusted partner can make the difference between seeing your business thrive or shrivel in the face of world events.
It’s only by having a good handle on what stock your business has and what it needs in the immediate, medium and longer-term future that you can plan an appropriate procurement timeline far enough ahead to take into account, and plan for, known factors such as Brexit and be prepared to weather the storm of unexpected events like the Suez Canal snarl up.
If you’d like to talk to us about improving your stocktaking practices, visit https://www.abacusvaluers.co.uk/our-stocktaking-services or call our team on 01637 874609.