In Episode 132 of Hidden Forces, Demetri Kofinas speaks with Tom Derry, CEO of the Institute for Supply Management and publisher of the market-moving ISM Manufacturing Index about the impact of COVID-19 on global supply chains. This is a deep-dive into how the intricate world of just-in-time manufacturing, outsourcing, and globalization has been impacted by the world-wide disruptions caused by the novel coronavirus. In recent years, global supply chains have been in the process of a fundamental shift, in part to strengthen their immune systems to mitigate the risk of multiple threats — unprecedented trade turbulence, as well as economic uncertainty, geopolitical events and rising labor costs. COVID-19 (novel coronavirus) has provided a severe new test to these global supply chains. Since its genesis in the manufacturing hub of Wuhan, China, in December, the outbreak has resulted in more than one million documented cases and nearly sixty thousand deaths worldwide, quarantined workers, temporarily shuttered factories, canceled high-profile events, shaken markets and handcuffed supply management organizations at many companies. The gravity of the situation was exemplified in a survey by Institute for Supply Management, which found that nearly three-fourths (72%) of U.S. companies have experienced supply chain disruptions due to coronavirus-related transportation restrictions, and 81% of organizations expect their procurement operations to be impacted by COVID-19. For some of those companies, the infection goes beyond the supply chain, as 16% of survey respondents report lowering annual revenue targets by an average of 5.6%. More than half (53%) of the 628 respondents in ISM’s recent survey said their companies are having trouble getting supply chain information from China. You can access the episode overtime, as well as the transcript and rundown to this week’s episode through the Hidden Forces Patreon Page. All subscribers gain access to our overtime feed, which can be easily added to your favorite podcast application.
Today's guest on the Art of Procurement is Tom Derry, CEO is ISM (Institute for Supply Management). Tom and I sat down at last week's ISM 2016 Conference to discuss his key takeaways from the event, and how ISM is evolving to meet the changing needs of its members. Tom then answered a number of quick fire questions, including a question asking if we are facing a talent deficit in procurement. Listen in to hear Tom's answer! For show notes, visit http://artofprocurement.com/ism2016
This week is Big Idea Week on the Art of Procurement - a mini series of shorter interviews with procurement thought leaders ahead of their participation in the Procurious Big Idea Summit. We start the week with a wide ranging conversation with Tom Derry, CEO of the Institute of Supply Management (ISM). Tom shares his thoughts on CPO priorities, the talent profile necessary to be successful in the evolving world of procurement, and why the use of social media has now become an imperative for procurement professionals. For links and show notes, go to http://artofprocurement.com/tom-derry-ism.
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