Perhaps one of the most important lessons business owners acquire from the COVID-19 is that they shall gain more control over your business processes. The reliance of many companies on China regarding supply import and manufacturing activities has resulted in stagnant value generation, putting themselves in the passive stance. Therefore, to have the proactiveness needed, a business owner should be more independent from such unpredictable variants and focus on the system’s own capability.
One area that can be improved is the diversification of supply chains. This pandemic has proved that the "just in time" approach - which requires a lean supply chain system - has no longer held true, therefore, this “just in case” approach shall be put into play to protect against future risks such as a second wave of the pandemic. Adding more countries into the supply chain portfolio would be strategic if one can balance the cost out of the benefits.
Hence, over the longer term, automation technology may alter the cost equation better than supply chain diversification. It lets the factories run by themselves without much interference from humans, giving businesses complete ownership of their operations and partly offsetting the relatively higher costs associated with global trade and labor.