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Supply chain’s resilience in the changing world and next step ahead

Supply chain’s resilience in the changing world and next step ahead
The Siliconreview
31 May, 2022

Increased digitization and advanced technologies will play a significant role in future –proofing supply chains

Supply chain management manages the flow of goods and services. This includes all the processes that transform raw materials into finished goods. As incurred from the definition, it is critical to smooth business operation. Coordination and resilience are the essential qualities in supply chain management. Supply chain management saw the most disruption during Covid-19. It resulted in hampering shipment timings, cost, efficiency, and revenues. This highlighted the importance of all-weather supply chain management. Technology plays a critical role in ensuring supply chain resilience.

Increased digitization and advanced technologies will play a significant role in future-proofing supply chains and, in effect, benefit companies. Blockchain, advanced track and trace solutions, and ERP solutions can provide more visibility to the company. A complete view of inventory movement can be seen, and proactive risk mitigation measures can be applied. Using technology to collect and share data at every step help in improved collaboration with everyone involved. Data Analytics, Artificial Intelligence, and Machine Learning provide predictive capabilities to stay on top of supply chain management. Vulnerabilities must be assessed, such as lack of transparency, reliance on specific suppliers or locations, and non-evaluation of suppliers. Diversification of the supply chain is imperative if the business is dependent on high-risk partners. Diversifying suppliers will strengthen supply chains.