What is your business doing to combat supply chain anxiety? Supply chains everywhere are still reeling from the pandemic, resource scarcity, and global disruptions. According to recent research, 94% of Fortune 1000 companies are seeing supply chain disruptions from COVID-19. 75% of companies say that both either negative or strongly negative impacts have occured on their business. However, businesses have tools at their disposal to answer critical questions and avoid losses. Read on to learn the top 3 digital transformations setting supply chain businesses on the road to success in 2022:
Supply Chain Control Tower
Gartner reports 64% of supply chain businesses want to be able to extract more accurate and reliable data across distributed networks. Businesses have started to rely on supply chain control towers to give data and insights into far-reaching corners of their supply chain in real-time. Companies are also able to track and control where data and inventory are stored. This makes it easier to get a quick glimpse at bottlenecks and overall problems in your supply chains.
Control towers can have real benefits for your business. They provide seamless access to multiple KPIs and Operations metrics optimizing end-to-end supply chain performance. Responding to changes in demand is key instead of sifting through massive amounts of data.
Conversational Artificial Intelligence
AI is empowering businesses to gain visibility into their operations. This innovative technology gives powerful insights into an infinite amount of variables and disruptions. Now, businesses can respond to changes in demand, supply, and inventory turnover as it occurs. These insights can be easily shared throughout your organization for future consideration and improved forecasting or planning.
As we know AI is able to collect, store, and produce valuable insights from multiple different data lakes and locations. As a result, businesses are increasingly relying on conversational AI to produce results at a moment’s notice through a single search bar. This could be in cases such as tracking sell-in and sell-through forecasting to balance channel inventory and accurately plan replenishments.
Centralizing Data for Improved Decision Making
According to the 2022 MHI Annual Industry Report, 22% of companies surveyed are incorporating new and diverse external data sets into their supply chain systems. This will help improve demand planning and forecasting and operational processes. New patterns of demand and buying require a new, centralized view of distributed data sets across the supply chain ecosystem. When consolidated to a single, holistic and collaborative view, businesses can boost overall supply chain performance, reduce inventory levels, operational bottlenecks and stockouts, and mitigate risk. Through this users will be empowered across roles and levels and departments with information on-demand.