Effects of Supply Chains During COVID-19: Analyzing 3R Strategies in Gujarat

Abstract

The purpose of the paper is to examine lessons learned by business enterprises as a deterrent to pandemic chaotic uncertainties. The effectiveness of the RRR strategy as a resurgence tool is debated, relying on a broader range of assumptions about strategic managerial decisions made at the time and as published in similar studies. The paper adopts a descriptive-analytical approach and relies on primary and secondary data. Semi-structured interviews through Google forms and a Focus Group Discussion were conducted with 35 executives working in the enterprises of Gujarat. The results show that regardless of the firm and product characteristics, RRR strategies have a positive effect on firm value, aided by government initiatives. An explanation for this resurgence is that the market sentiments interpret proactive strategies as a signal of substantial financial gains to the firm. The study's findings are intended to assist legislators in developing a resilient framework that can not only absorb external shocks like COVID-19 but also improve the supply chain network's performance and operational capability. Given the magnitude of losses since COVID-19 implementation, the analysis may persuade businesses to implement the 3R framework. The paper further proves that the RRR framework is expected to be highly beneficial to organizations in leveraging the efficiency of supply chain management and achieving supply chain competitiveness. This research study designs a RRR (Respond, Recover, Renew) framework that provides key practices to address significant barriers during a pandemic.