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Speed and agility are essential in today’s chaotic and ever-changing world

Reflect for a moment on an amazing feat recently accomplished in China, where thousands of people built a hospital in just 10 days. Creating a safe, functional and secure medical facility in 10 days would not have been possible years ago, but today – with automation, advanced analytics, and real-time communication – they were able to create a plan, gather resources and build a working hospital.

In many ways, this amazing engineering feat is a good analogy for commodity management. When market disruptions occur – driven by politics, extreme weather, rogue viruses, or other unexpected events – companies need to react as quickly as possible to form a response that protects their profits while mitigating risk. They need to react fast – just as officials in Wuhan, China did to create a hospital just weeks after recognizing the severity of the coronavirus outbreak.

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