The concept of value chain is not new. It is time to give a new meaning to value chain for the year 2019 and onwards. A pandemic like COVID-19 have redefined value chain to a new dimension.
Classic Value Chain
A value chain is a set of activities to create a product or services with the objective of maximising profit and create a competitive advantage. You will find standard raw materials or resources as inputs and finished products or services as end products. Supporting activities like HR, IT and logistics exists to smooth the operations of this process.
Value Chain Redefined
From COVID-19, value chain are tightly coupled with itself for end to end visibility. Social responsibility and sustainability triggers the evolution of value chain. Digital Transformation displaces old value chain and create new ones. New paradigm are formed where Agile invoke the innovation of customer experience.
In a nutshell, do be prepared for the new chain by acquiring new skillset and mindset. It is no longer viable to retain your old value chain. It’s now or never.