Future-Proofing Your Supply Chain
Supply chain planners have a lot to consider, to say the least. Trade tensions are pushing organizations to shift supply chains quickly, as well as respond to the push for productivity improvements all while political, environmental, and economic uncertainties continue. On top of this, today’s e-commerce consumers have increasingly higher service expectations; wanting instant delivery at the lowest price.
The solution to reacting swiftly and succeeding in this “new normal” is the transition to a more connected and smarter supply chain, allowing companies to quickly anticipate opportunities and address challenges before they arise. Here are some recommendations on how to future-proof your supply chain.
Scenario Planning During COVID-19
Eliminate end-to-end barriers
By losing barriers that slow the flow of information between internal functions, as well as externally with suppliers, partners, and customers, companies can advance toward a more integrated supply chain. By increasing transparency across the supply chain data becomes available seamlessly, giving partners simultaneous access to relevant information and enabling optimized decision-making and execution. Planners can make data-based decisions, gaining the ability to detect changes in demand and issues before they arise.
Use analytics to drive action
Leveraging analytics to enable better decision making throughout your supply chain is key to winning in this and, frankly, any environment. By doing so, you should also enable visibility, real-time connectivity, and improved predictability. This enables organizations to detect patterns and trigger appropriate responses. Advanced analytics and artificial intelligence are powerful accelerators with the potential to drive optimal decision making and enable systems that can autonomously adapt to changing conditions.
Organizations can optimize critical aspects of the supply chain in real-time by using technology to interpret massive amounts of data. Autonomous course correction can take place with the help of automation and AI-based decisions to create a self-learning supply chain. This allows organizations to pivot their operations quickly as conditions or customer preferences change with limited human intervention.
Engage and upskill the workforce
To create a responsive supply chain, organizations must practice continued innovation through all aspects of their process from back-end technology to factories, warehouses, and the end-consumer experience. But this transformation does not just happen, it must be people-driven. By using and maximizing talent, executives can build a tech-enabled workforce that meets future business needs and keeps pace with the looming uncertainties.
Future of Supply Chain
The future of supply chains will be connected where information flows freely from end to end. Because the supply chain of the future will be completely digital and flexible, we expect these processes to dynamically adapt with increased use of decentralized and localized manufacturing.
As organizations digitize their supply chains, it is important to use the best planning software for their process. Vanguard Predictive Planning™ with Advanced Analytics raises strategy and decision making to a new level. With powerful modeling and simulations tools, plus collaborative workflow design, organizations can assess competing courses of action, compare risk-reward scenarios, and test ideas virtually. To learn more about Vanguard Predictive Planning™, contact us.
Making Sense of the Complex in Supply Chain Planning