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In recent years, to meet customer and market expectations, supply chains have been reconfigured for agility, transparency and speed. Consumers want new and better products faster than ever. Consumers demand unprecedented real-time visibility into supply chains, whether to validate a product’s authenticity or sustainability credentials, or simply understand exactly when it will be delivered.
Failure to implement effective compliance and accountability systems is costing the public sector dearly and making supply chains fertile ground for corruption. If the South African government is serious about stopping the rot, strict measures need to be introduced in state departments and safeguards against cyberattacks significantly improved.
Exports could hold the key to South Africa’s economic recovery and growth. South Africa is experiencing a record trade surplus in the wake of the COVID-19 pandemic with our exports far outpacing imports. Recent data released by the South African Revenue Service showed that South Africa recorded a trade surplus of R51.4 billion in April 2021, surpassing market expectations of R31 billion.
As the health and humanitarian impacts of the COVID-19 pandemic evolve, so do the business and economic challenges. Organisations looking to balance their immediate needs with longer-term opportunities will see the trade-offs play out across three waves of impact – the Now, the Next, and the Never Normal.
Insurers have been warning for years that the increasing size of vessels is leading to a higher accumulation of risk when something goes wrong. These fears are now being realised, with the MS Ever Given having blocked the Suez Canal for several days.
This tumultuous year has placed incredible pressure on people, on relationships and on the global economy. However, one component of the economy has proven its resilience throughout the pandemic and the lockdown: global supply chains.
It’s hard to imagine a world without technology – the speed and ease of the internet, and daily innovation that continues to disrupt business models. Across industries, we are starting to notice businesses of all sizes embrace the digital economy to create value, increase efficiency, and adapt to stay ahead of competitors.
In the aftermath of the virus outbreak, 2020 has certainly been a challenging year for the manufacturing sector. The World Bank predicts the pandemic will push Sub-Saharan Africa into its first recession in 25 years with growth predicted to fall to -3.3% for 2020. Reduced demand has taken its toll on the balance sheet and cash flow of most producers.
Global companies must review their role in local markets to be key contributors and collaborators in the post-COVID-19 ‘rebuild’. Expectations are that business steps up with renewed energy in assisting the recovery of global economies from the COVID-19 pandemic.