The White House recently announced the creation of its White House Council on Supply Chain Resilience. It promises millions of dollars in investments to strengthen the country’s supply chains and is an encouraging step in keeping supply chains running smoothly and avoiding disruptions. But how will it work, and more importantly, how can your organization get its hands on some of the funding?
First, you must understand how to fit into what the initiative deems “critical” industries. The good news is that many organizations already do. The Department of Agriculture, for instance, is looking to strengthen domestic food supplies, so if your company is involved in food logistics or transportation, you’ll likely be eligible for some of the Supply Chain Resilience initiative’s funding. The same holds true for the energy sector—incentives will soon be available to clean energy supply chains. Likewise, the initiative will be investing in the Department of Health and Human Services. With prevalent drug shortages, money for this piece of the equation may be available for logistics providers who can innovate to help mitigate the drug shortages.
If you want to take advantage of the money that will be available under the Supply Chain Resilience initiative, it’s smart to keep an ear to the ground as it rolls out. Stay on top of announcements and use technology to help you be prepared with the right tools and strategies. A good starting place is pulling up the Council’s website and learning about its objectives and criteria. Align your strategies accordingly, and you could be in a good position to take advantage of some funding.
Having the right tools in place is also important. These apply to modern-day supply chain management but are especially useful if you want to attract government funding through the Council. You should also be able to demonstrate your ability to pivot and adapt in changing times, especially as it pertains to meeting domestic supply chain needs. If you’re investing in technology that improves efficiency and productivity and can demonstrate that, you’re better positioned.
You can consider assigning a point person to identify the grants the government is making available. This person can sift through funding opportunities and then create bids highlighting your ability to prove resilient. Also, look for partnerships that can complement your organization’s strong suits and resources. Together, you are stronger and can make more compelling arguments for why you deserve some of the available funding. OPSdesign stands prepared to assist in this regard.
Your toolkit should also include robust tracking of not just your specific supply chain but also your actions regarding policy issues and stakeholder interactions. Ensure you are following all regulations that relate to the new initiative, too, so that you present as an attractive potential recipient of the funding.
At the end of the day, the funding will be out there for the right companies. Understanding what the initiative is looking for and meeting those needs will help secure your piece of the pie.
