Spot Supply Chain Risk with Data Mastering
You don’t have to be an expert to recognize the role data is playing in the fight against COVID-19. From infection rates to the number of ICU beds, vaccine trials, and everything in between. Data is King in times of Corona.
The past few weeks have revealed that most companies actually have a fairly poor understanding about their exposure to risk. Warren Buffett, the world’s most famous investor, has a great quote about managing risk. “It’s only when the tide goes out that you discover who’s been swimming naked.” This is prudent investment advice – but it’s also a great lesson for today’s supply chain leaders about risk exposure. The tide’s gone out and most companies are now scrambling to find swimsuits. As a result, thousands of companies have – and will continue to – throttle down their manufacturing plants and decrease their output. And unfortunately this deceleration in productivity and production seems like it will now continue longer than initially expected.
Procurement and supply chain professionals leading manufacturing, CPG, retail, pharmaceutical, and healthcare businesses are working tirelessly to ensure that essential services are equipped with enough critical supplies to meet consumer demand. Sourcing and spend analysis leaders within financial institutions are helping their organizations navigate market volatility by increasing efficiency and drive cost savings. Société Générale optimized spend visibility while reducing costs by decreasing the manual work required to perform ERP consolidation by a whopping 90%. This is an excellent example of a procurement team leveraging data and innovation to drive tangible business value.
Boston Consulting Group (BCG) estimates that Big Data, artificial intelligence (AI) and advanced analytics can reduce procurement disruption by up to 70%. Businesses are reacting quickly to build a resilient, risk-proof supply chain. Johnson and Johnson is leading from the front using advanced analytics and intelligent automation to guide smarter, faster business, and health care decisions. J&J’s efforts include developing a COVID-19 knowledge hub for employees to help inform disease hotspots, future infection predictions, and overall risk assessment.
Do you know what questions your organization should be asking to build a strong and resilient supply chain? This new guide outlines the six questions supply chain leaders should focus on to identify supply chain risk, right now.
Speed, timing, efficiency, and optimization are crucial to effective supply chain management.
Tamr has developed highly prescriptive packages to help companies uncover valuable insights. Request a demo to learn how to uncover supply chain risk within two weeks.