Building Supply Chain Resilience: Five Expert Tips to Celebrate National Supply Chain Day!
It seems like there is a national day for everything; for example, did you know that April 29 is National Supply Chain Day? Compared to some adjacent celebrations, such as Hurray for Buttons Day (May 9) and National Lumpy Rug Day (May 3), this one is actually pretty important as supply chains play a role in our everyday lives and have an enormous impact on various industries, from retail to manufacturing. National Supply Chain Day also celebrates the people who connect the world, such as the logistics teams that ensure all our critical supplies and goods reach their destinations.
One of the fundamental attributes of successful supply chains is resiliency: the ability to adapt and respond to changing conditions, opportunities, and disruption (which we all know are still a never-ending part of the supply chain ecosystem). Therefore, with that in mind, we thought we would share some top tips on how companies can help transform their supply chain operations with innovative technology to build resilience into their operational ability!
- Leverage collaborative planning platforms: Business excellence is still all about people, and people often find it challenging to work together efficiently. Collaboration is key to building a resilient supply chain ecosystem, and collaborative planning platforms help enable seamless communication and coordination among the key internal teams, suppliers, and other stakeholders. By leveraging these platforms, businesses can foster transparency, share real-time information, and align planning processes across the entire supply chain network. This collaborative approach enhances responsiveness, facilitates timely decision-making, and enables swift adaptation to changing market conditions or unforeseen events.
However, platforms and people need tools to help to make better decisions, which leads us to our next tip …
- Invest in advanced forecasting and demand planning tools: Providing teams with accurate demand forecasting is the cornerstone of an efficient and resilient supply chain. Spreadsheets are no longer able to support the necessary business processes of aggregating multiple demand viewpoints. These tools enable organizations to automate and capture demand plans, optimize inventory levels, and allocate resources effectively, thereby minimizing the impact of disruptions and enhancing supply chain resilience.
Many companies find that even the best demand plan is unable to account for disruption and uncertainty, and so here is tip number three …
- Embrace predictive analytics: Leveraging predictive analytics enables businesses to anticipate potential disruptions and proactively mitigate risks. By analyzing historical data, market trends, and external factors, predictive analytics can forecast demand fluctuations, supplier performance, and logistical challenges. Implementing robust predictive modeling tools empowers organizations to make data-driven decisions, optimize inventory levels, and enhance agility in responding to changing market dynamics.
In addition, predictive analytics is just one part of the digital transformation for better decision making …
- Harness artificial intelligence (AI) for decision support: AI offers advanced analytical capabilities for optimizing decision-making processes within the supply chain. Through machine-learning (ML) algorithms and predictive modeling, AI can analyze vast datasets to identify patterns, trends, and potential disruptions. AI-powered demand and supply planning, inventory optimization, and supplier risk-management solutions enable organizations to enhance accuracy, minimize stock outs, and mitigate supply chain bottlenecks. By harnessing AI for decision support, businesses can gain valuable insights, enhance resilience, and stay ahead in today’s competitive marketplace.
Finally, none of these capabilities functions properly without critical real-world data, which leads us to our final tip of the day …
- Utilize real-time visibility and analytics: Real-time visibility into supply chain operations is critical for identifying issues, mitigating risks, and making informed decisions quickly. By deploying industrial Internet of Things (IIoT) sensors and devices, advanced supply chain planning technology provides real-time visibility dashboards and analytics capabilities that enable businesses to monitor key performance indicators (KPIs), track the status of orders and shipments, and identify bottlenecks or inefficiencies in real t By harnessing real-time visibility and analytics, businesses can proactively address issues, optimize workflows, and enhance supply chain resilience.
In conclusion, innovative supply chain planning technology offers a powerful toolkit for building a resilient supply chain capable of adapting to disruptions and maintaining operational agility. By investing in advanced forecasting, collaborative planning platforms, predictive analytics, AI & ML combined with real-time visibility, businesses can strengthen their supply chain resilience and thrive in today’s dynamic business environment.
At DELMIA and DELMIAWorks, we have seen all of these critical technologies deployed and the value that customers across different industries have received. Each one can be applied as part of a roadmap for supply chain excellence and resilience. That is part of the puzzle also: knowing what steps to take and why. If you would like to know more about these capabilities or how we could plan a transformation journey together, please let us know! Happy National Supply Chain Day!
