March Madness Upsets: What can they teach you about your supply chain?
1. A good coach is essential.
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The coach is key, but even a great coach can experience an upset.
In 1973, UCLA, coached by the legendary John Wooden, won the national title 87-66 over Memphis State. This gave UCLA their 7th consecutive title and cemented their status as one of the greatest college basketball dynasties of all time. However, in 1974 the NC State Wolfpack put an end to this incredible streak by taking down UCLA 80-77 in the Final Four.
Just as the Wolfpack disrupted Wooden and UCLA’s winning streak, supply chain disruptions can (and do) throw seasoned supply chain leaders off their games.
For instance, in that same year beginning in October of 1973, Arab members of the Organization of Petroleum Exporting Countries (OPEC) started an oil embargo. The embargo would not end until March of 1974 raising the price of gas from $3 a barrel to $12. Supply chain leaders were faced with soaring fuel prices and had to adapt quickly in order to find more efficient forms of transportation.
Shippers began evaluating the cost and environmental impacts of freight transportation and demand for smaller, more fuel-efficient vehicles increased. This kickstarted U.S. interest in sustainability and alternative fuels as the public and shippers realized they had to find more fuel-efficient solutions in order to stay ahead of volatile fuel prices.
As the coach of your supply chain, whether you are a seasoned veteran like Coach Wooden or new in your role, how you handle disruptions is critical. In today’s world, many organizations don’t have, or plan to have, a Chief Supply Chain Officer, which means that all transportation leaders across the supply chain— from the supply chain analyst to the director of procurement— must prepare and plan for disruptions.
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