Using a trusted supply-chain analytics platform gives firms the accurate and reliable data they need to detect areas of product vulnerability and implement safeguards—whether they are dealing with minor disruptions or pandemics.
FREMONT, CA: Before the pandemic, most sectors' supply chain robustness had not been put to the test, at least not to the degree that it has recently. Geographic variety, clarity, and extra capacity for everything from raw materials to finished commodities are now part of the notion of supply chain resiliency.
Businesses needed—and will continue to need—a reliable means to estimate Covid-19 cases, as well as their current supply levels, product burn rates, and sourcing issues at the start of the pandemic.This is doable with the right technology and data. Here are two ways that technology may help businesses develop a more robust, more proactive supply chain.
Increase the Visibility of The Entire Supply Chain
Globaltrade has grown tremendously in recent decades, resulting in increasingly complicated supply networks. Few businesses consider the web of manufacturers, distributors, and other logistics specialists responsible for making the final transaction happen. However, poor demand signaling is responsible for 68 percent of product disruptions. Access to reliable data and transparency into the supply chain is a crucial component of success in this environment.
The early 2020 demand spike and export bans from nations that produce more than 80 percent of the raw material used in personal protective equipment (PPE) resulted in significant shortages in the healthcare supply chain. Supplies fell from two weeks' worth of PPE in February to only a few days' worths of inventory in March in numerous regions. Organizations may more properly identify their junction of demand and supply, safeguard products more effectively and sustainably, and better assess possible risks with suppliers with real-time data across the whole supply chain.Using a trusted supply-chain analytics platform gives firms the accurate and reliable data they need to detect areas of product vulnerability and implement safeguards—whether they are dealing with minor disruptions or pandemics.
Managing a Complex Supplier Network Effectively
Thousands of suppliers work alongside a huge multidimensional firm, delivering supplies and supporting activities across numerous sites and countries. A master vendor list for an integrated health care system, for example, can include upwards of 6,000 different companies.
Many firms, understandably, lack the resources to supervise thousands of suppliers and their accompanying contracts and track services rendered and timely invoicing and payment. Organizations require a comprehensive third-party services plan to manage these providers and reduce risk properly. A sophisticated solution is a procurement platform that uses real-time data to manage vendor contracts more effectively, verify services, automate invoicing and payments, and track supply chain expenses all in one location. This integrated and automated solution is a key, yet frequently overlooked, link in managing overall organizational spending and enabling effective operations.