The shockwaves from the 2008 global economic crisis hit supply chains hard. Credit markets dried up, leaving companies without significant cash on hand and unable to make payments and fund inventory, consumer demand dropped off, and buyers found suppliers could no longer produce. Many shippers had too much capacity and too little revenue, and suppliers became concerned that customers wouldn’t be able to pay their bills.
Many companies took the 2008 crisis as a wakeup call to enact stronger defenses against supply chain disruption, but some still lag far behind. The World Economic Forum (WEF) released two reports on supply chain security, New Models for Addressing Supply Chain and Transfer Risk and Building Resilience in Supply Chains, suggesting companies use adaptable and agile strategies, better data-sharing platforms and partnerships to combat threats.