Companies around the world are now bracing themselves for massive disruptions expected from the effects of the ongoing coronavirus (COVID-19) outbreak. This is according to a recent study carried out by CNBC Global CFO Council. The report states that things will not return to normal at least for three to six months. The study found that the pandemic has had a far-reaching effect on the supply chain leading to adverse impacts on overall business operations. Other areas that have been extremely affected apart from the supply chain are IT resources, strategic planning, and human resources, most of whom have lost a lot to the disease.

Transporting goods from one point to another is now cheaper than ever before due to the advancements that have been in supply chain technology. The innovations in areas such as the Internet of Things and mobile telephony, big data, and weather forecasting tools that are useful in the shipping of goods have enhanced reliability of trade despite many challenges and risks that the industry continues to experience. While technology has significantly advanced, supply chain financing remains stuck in the past as a new decade of maturity beckons. Although buyer-centered plans still dominate, the focus has turned to the need to finance even the lower tiers of suppliers.

The supply chain is one of the industries that the world cannot live without considering the critical role it plays in ensuring humans get their needs regardless of where they come from or where they are. As growth continues being felt in the supply chain, various innovations continue coming in to improve service provision and reduce the misuse of resources. One of the latest attempts is to make supply chain circular. But what is a circular supply chain? According to Gartner, a circular economy is an economy that encourages reuse as a way of ensuring economic growth. As natural resources continue dwindling, recycling is one of the widely championed initiatives expected to ensure minimum waste of resources. So, circular supply chain is where recycling and reuse of scrapped products is advocated.