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Hello and welcome to the program.

Now, during this pandemic, we have tested many of our supply chains to destruction.

They've faced lockdowns and staff illness, surges of demand in some sectors, collapses of demand in others.

And if there is one thing we've learned during this pandemic,

it is that we can't take supply for granted. Even if you want to pay extra, if it ain't there,

it ain't there, as we've discovered to our horror with PPE and ventilators, and for some

period with ordinary daily household provisions. So today we want to

examine the resilience of those supply chains, their ability to withstand a shock. How fragile is our

economy? Now the economist Dennis Snower has argued that after the pandemic, business will need to

worry less about efficiency and getting costs down

and worry more about resilience, getting the security of supply up. Is his hypothesis correct?

Well, our journey to answer that question will take us through toilet paper and aeroplanes,

and I'm joined by two guests who will help us navigate our way through the main issues.

Dr. Sandra Bell, founder, chief executive of the business resilience company, which you found

earlier this year. And Sandra, you were on the bottom line last year talking about risk,

how apposite that was. And also on the line from Boston, Michael Davis, senior lecturer at the Massachusetts Institute of Technology,

guest lecturer at the London Business School, founder and chairman of the business strategy firm,

Endeavour Partners. Welcome both. Let us just start by what we mean by resilience.

Sandra, you have it in the name of your company. What is resilience?

Well, to me, resilience is having this skill, the will and the grid to succeed whatever happens.

Now, that resilience can be at the individual level. So, you know, whether you can go ahead,

...