Many businesses suffer from supply chain disruptions and the difficulty of receiving the supplies needed to fulfil orders as quickly as they once did. While many of the factors contributing to this situation are beyond a company’s control, negative effects can be mitigated.
Businesses can stock up on more demanded products by anticipating needs, avoid slowdowns and even manufacturing some components in-house. Supply chains have been stretched to the point that even small changes in the markets can have very important impacts on the corporate ecosystem. However, the development of new forecasting models and “Lean” approaches simplify and anticipate scarcity with the use of technology, make it possible to understand the impact of disruptions and to plan production recovery more efficiently.
Let’s see 4 ways to minimize supply chain criticalities.
# 1 Investing in forecasting analysis
Data collection is one of the critical factors in the supply chain. In an increasingly digital global market, it is increasingly essential to carefully examine consumption and properly plan production and transport. Companies will increasingly move towards a new perspective in which collecting all the data of their operations and investing in forecasting analysis will be fundamental. Inventory data can also be shared with suppliers to further optimize supplies. Since most of the information about these operations is sensitive, special attention should be paid to data protection and encryption.
# 2 Connecting corporate functions with real-time updates
Businesses need interconnected software that is capable of providing real-time updates from the office to the warehouse, right up to the supplier’s supply chain. This makes it possible to manage and track materials, minimizing bottlenecks. These solutions help deliver on time and on budget because they give you the data visibility you need to make quick decisions in line with real business conditions.
# 3 Integrate IoT technology with manufacturing and logistics
Internet of Things solutions integrate with manufacturing and logistics functions to provide new and powerful levels of visibility into a product’s position in the outbound supply chain. With end-to-end visibility, inventory can be better routed and in real time to align with demand signals. For companies that have a large amount of goods to store, the IoT simplifies the management of various operations. Using inbound and outbound sensors, each item can be scanned and monitored, automating inventory and reducing picking errors.
# 4 AI to analyse data
More and more companies are leveraging artificial intelligence to analyse data, learn about their customers’ behaviour and predict future demand. By improving forecasting, companies can streamline their procurement processes, saving valuable time and resources. Fighting supply chain volatility with better decision making can have a significant impact on a company’s bottom line in a short time.
Artificial intelligence can also be used to keep customers informed. Sending personalized communications can be an effective way to update your partners on possible interruptions and delays regarding orders.
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