Make your Business Stronger
Jun 27, 2020
Over the next few months, as businesses in the MENA region and beyond start to return to work to assess the impact of their decisions over the lockdown period. There is a stark reality that 70% of small and medium enterprises in the region have had to close either temporarily or permanently.
PRISM Supply Solutions can provide companies with the tools to emerge from this period stronger than before. Here are a few examples of how Prism Supply Solutions can help your company see the light at the end of the COVID tunnel:
1) Use our Contract Template to ensure spend is under contract.
Prism Supply Chain Solutions Goods and Equipment contract is ideal for securing the supply of goods. The contract should be used for the procurement of high value items over $1,000. The Prism Goods and Equipment Contract is governed by DIFC law, which is suitable for SMEs with their head office is located in the United Arab Emirates. The contract can be adapted to protect you and your company from any of the following supply chain risks as you seek to recover from the COVID crisis;
• Supply of critical goods and equipment necessary for business continuity.
• Damaged or non-delivered goods and equipment.
• Price fluctuation as a result of supply delays or further disruption caused by another lockdown.
2) Use our Cargo Handling Procedure and free tools such as the Inventory Form and Guidance Note to account for company inventory.
As you rebound from delays in the supply chain caused by congestion in seaports, airports or road movements between distribution sites and around the world, the Prism Cargo Handling Procedure and corresponding free tools can be used ensure that warehouse(s) are in good working order.
The Prism Cargo Handling Procedure will help your company:
• Reduce the risk of holding inventory for longer periods of time.
• Support a more streamlined supply chain with concise ways to store stock and support the flow of information along the supply chain to support better forecasting.
• Reduce obsolete stock.
• Identify ageing stock items that are not turning at pace with your operation.
3) Secure strong freight partnerships to ensure goods are delivered on time and in full.
As freight movements accelerate and previously congested ports free up, this is the time to secure transport provision for the next period and ensure that your company is prepared for any second wave of COVID-19. The Prism Supply Chain Solutions Freight Forwarding Services contract will put you ahead of your competition when securing transport services. The contract can be adapted to service all modes of transport and when used in concert with your freight partners today, you will prevent against the following:
• Price fluctuations as the market remains volatile and unpredictable. There is a schedule at the back of the Freight Forwarding Services contract that allows you set fixed prices with your freight partners ahead of a medium to long term contract. Fixing rates for freight movements at the start of a new contract can mitigate against future market increases.
• Delayed or missed deliveries. The Prism Supply Chain Solutions Freight Forwarding Services contract has stipulations to support each company wishing to move cargo round the world by holding freight partners accountable for delivering your cargo on time and in full.
• Repeat occurrences of Force Majeure halting supplies. The Freight Forwarding Services Contract has a robust force majeure clause included to provide clarity in the event of any future global disaster, which might impact your supply chain.
4) Preparing your company to accelerate growth at the end of lockdown.
The due diligence checklists will prepare you to verify new suppliers and old suppliers and much more:
• the Company Trade License is valid and active allowing the supplier to continue to trade lawfully;
• confirm the name of the supplier’s authorised signatory and their availability for signing contracts;
• the suppliers is permitted to carry out the chosen activities.