Page 4 - Coronavirus Pandemic by Elias Amash

• Evaluate insurance coverage and whether your company currently carries business

interruption or other relevant insurance
• Maintain detailed records tracking the costs and the scope of interruption to your

business

• It is also essential to stay abreast of additional U.S. government restrictions and World

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Health Organization situation reports .

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Spend Matters analyst, Magnus Bergfors, noted that procurement technology and supplier
management can help in these tough situations.

“This outbreak, and the consequences of it, shows the importance of having visibility and
control over your supply chain and not necessarily only your first-tier suppliers,” Bergfors said.

“And listening to the experts, it seems like we unfortunately will see more of these types of

horrific events that will impact our increasingly complex and sensitive supply chains. So if you

are in the manufacturing space and haven’t invested in supply chain visibility and risk
management capabilities, now is the time!”

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Bindiya Vakil, Founder and CEO of Resilinc, gave an informative online talk on the topic of
what we know so far and what companies need to be thinking about to help in order to avoid

supply chain disruption as much as possible. Also, she reminded everyone of the disruption at a

humanitarian level too. It cannot be forgotten that millions of people are affected as many
cities are locked down. As a result of the coronavirus outbreak and supply chain disruption,

China is building medical facilities and is coping with a shortage of many medical supplies.

In addition, Bindiya Vakil has also emphasized the importance of investing in business

continuity. The reason for that is the fact that companies with better foresight can act quickly.

Industries and companies that haven’t done that, she claims, are most vulnerable.

9 https://www.who.int/emergencies/diseases/novel-coronavirus-2019/situation-reports
10 https://spendmatters.com/
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https://www.youtube.com/watch?v=eYX_5c64hxM&feature=youtu.be&utm_campaign=Coronavirus+preparednes
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