Happy LNY!
Lunar New Year has been and passed and I wish a prosperous Year of the Dragon to those who celebrate!
Growing up in rural England, the Lunar New Year wasn’t something I think was even aware of until high school, whereas now it has moved from being something in a book to a key event in both my family and professional life. Having lived in London, Chicago and Toronto, being married into a Korean family, and working for a company headquartered out of Singapore I have been lucky enough to experience firsthand what LNY can mean.
As we welcome in the Year of the Dragon I am, of course, not just reflecting on the traditions of the LNY but also working out, however tenuously, I can apply it to Supply Chain! When thinking of some of the most prominent symbols of Asian culture, the dragon stands out and acts as a marker of power, good-fortune and strength - tying this to Supply Chain in 2024 I can’t think of better themes than intentionality, risk management and resilience.
It is easy to fall into the trap of thinking that a large amount of Supply Chain Management is reactive, especially in such a volatile environment as we find ourselves in now (war in the Ukraine, upcoming global elections, inflation, etc.). It is, however, exactly the time to ensure that Supply Chains are set up to be as proactive as possible, with an intentionality behind every decision to ensure that the mechanisms and systems are in place that when unexpected events arise organizations are best positioned to respond. The Year of the Dragon is a reminder that strength is found in overcoming adversity, and adapting - this might mean diversification of suppliers, investing in better technology such as AI/predictive analytics, or building more flexible, decentralized logistics networks. A resilient supply chain isn’t just about withstanding disruptions—it’s about evolving in response to them.
An area I’m evangelical on is the value of relationships and the criticality of communication - I don’t think it is an understatement to say that every major business crisis is a result of ineffective or inefficient communication (not accurate, not fast). In Chinese culture, the Dragon is a symbol of harmony and unity, so, continuing my forcing of the metaphor, within the context of supply chains this can be interpreted as the importance of building stronger relationships with partners, suppliers, and customers. Supply chains have long been about more than just transactions; they are about collaboration, trust, and shared goals - by creating more collaborative and transparent supply chains, companies can unlock greater efficiency, innovation, and resilience.
Forgive the incredible dustiness, this is a dragon given to my wife and I when we married - thanks Auntie Allison!
As we enter the Year of the Dragon, its symbolism inspires me to be bold, innovative, and resilient in the face of the challenges and opportunities ahead. The Dragon’s strength, adaptability, and transformative nature offer valuable lessons for Supply Chain leaders as they navigate a world that is becoming increasingly complex and interconnected. Happy Lunar New Year!