The last few years have clearly been quite difficult and, at the time of writing, we aren’t ‘out of the woods’ yet.
Demand for A&D products is high, and rising and there is, quite obviously, no way to really mitigate risk as a whole. The pandemic took most of us by surprise, but, challenges and further ‘black swan’ events will come again. We just don’t know when.
If we’ve learned anything from the supply chains in the last few years, it’s that risk assessment and a ‘plan b’ are essential. Clearly, some risks are easier to identify (and mitigate) than others, but, everything else being equal, flexibility is resilience, and resilience is a competitive advantage.
A&D companies must be prepared to adapt - meeting as many eventualities as possible; changing how they procure and how they produce in order to make the best of a difficult situation and quickly changing needs. This will not be easy, and requires an updated approach - both to supply chains and manufacturing. Those who do this best will prosper. Those who don’t may face even greater difficulties in future.
