The global pandemic, COVID-19 has shifted all business priorities. The impact and shifting patterns due to the virus are evident in the supply chain and logistics business globally. After a stagnant period of closed borders, organizations may be able to identify the impact of their business.
The global nature of the economy requires all companies to comprehend their supply chains, and furthermore the natural risks that they might be presented to supplier and client levels. Monitoring these risks will help with detailing corporate procedures and business strategies.
Companies expected business to tank but instead, it peaked in the short term which is that the volumes were expected to be reduced however they increased based on the current global scenario. The data available within the organization combined with the market analysis, companies can use data to turn this to an opportunity especially with ‘price’. Using price agility as a technique it will help companies steer and adapt prices based on market conditions.
Organizations can build agility into their pricing with the following: