The chemicals industry & and the chemical business & total supply chain have been impacted by the coronavirus (COVID-19) pandemic in every corner. Supply chains are being disrupted by outbreaks in key regions, demand may fall due to uncertainty in the global economy and capital markets.
Peoples are not ready to buy their desire products as their income level is highly impacted, therefore the demand ratio has been decreased automatically. It’s a general impact on the global supply chain system.
Industry gets lowered demand and productivity, operational and supply chain disruptions, potentially tightening credit markets and the health of their workforce.
Many small industries are just surviving to continue in the pandemic and decrease the workforce and not able to pay in back process supply demand.
How to Recover the Situation:
-Crisis management and responsive workforce, operations and supply chain, financial reporting, and tax & trade.
– Assess how profitability, loans, revolving credit, and cash flow reserves can help support ongoing operations in a low-revenue environment
– Review capital and corporate cost budgets to identify not only marginal investments but also discretionary items that can be cut off.
– Consider temporary closure of facilities that may be underutilized.
– Just to survive in the hard time and wait for a better time.
