The manufacturing and distribution industry is facing unprecedented change and global supply chain disruption … and the coronavirus (COVID-19) outbreak is no exception.
COVID-19 will have immediate and long-term impacts on aspect of the supply chain — from producers to manufacturing plants and distribution centers to customers. And because suppliers of commodities, parts and materials have been forced to reduce or idle production, it’s inevitable that companies across the international supply chain will need to fill gaps and make tough decisions around procurement, production, safety, revenue and customer needs.
Baker Tilly’s industry specialists advise manufacturers and distributors on how to find opportunities for evolution in an environment filled with doubt and confusion. Our advisory, assurance and tax service solutions can help you:
It’s unclear how widespread or long lasting the ripple effect of COVID-19 will be for the manufacturing and distribution industry, but Baker Tilly is here every step of the way to help you navigate, respond to and succeed in the changing environment.
Organizations have to consider a variety of effects that the COVID-19 outbreak may have on operations, employees and customers.
Our business continuity planning checklist highlights key steps in continuity planning, including risk evaluation and business impact analysis; continuity strategy and plan development; public relations and crisis coordination needs; and awareness and training program support.
Further business continuity services include:
Download our discussion guide for questions that will help your organization assess and identify key organizational considerations in business continuity and crisis management.
While not every crisis causes harm, an organization’s response can result in major business risks. Baker Tilly can assist boards and management teams as they develop effective strategies related to COVID-19.
Organizations must stress test their level of preparedness in an effort to ensure continuity of business operations, work to mitigate any potential impact, and prepare for possible further disruption from this and other crises. Boards must be proactive and increase their oversight to appropriate levels, especially because during times of crisis the opportunity for fraud increases.
Baker Tilly has developed a business continuity and crisis management discussion guide to help your organization assess and identify key considerations across the following areas:
Baker Tilly can apply its deep experience developing strategic enterprise risk management (ERM) programs to customize solutions that will reduce the chance of loss and maintain financial stability in the wake of COVID-19 disruption.
Due to the spread of COVID-19, companies should increase monitoring of invasive cyber events, given the likely increase in hackers sending out fake emails, website links and ransomware attacks.
Other things to consider:
COVID-19 is an unfolding and evolving event bringing uncertainty to every organization. Baker Tilly is ready to help you prioritize necessary actions and navigate your organization through these unprecedented and difficult times. We have developed specific insights and solutions to assist you in responding to volatility and building financial resilience
Financial resilience solutions: