As challenges and risks continue to unsettle the environment for supply chain leaders around the world, businesses across industries recognize the need to further accelerate their plans for digital transformation to better adapt. We recently talked to industry experts and thought leaders about some of the biggest risks for 2023 – check out this article to see the red flags they raised and headwinds they anticipate. The common goal is still the same; to strengthen the supply chain to better manage disruption and thrive in times of
uncertainty.
Alongside having an equal focus on people and processes in place – technology innovations are critical to navigate disruptions and market shifts with more confidence. Advanced solutions in supply chain planning are designed to equip leaders with the tools and capabilities they need to optimize performance while forging an agile and resilient supply chain to withstand the challenges of today and tomorrow.
To efficiently minimize risk and maximize opportunities, companies require more connectivity, enhanced visibility and intelligent orchestration across the supply chain network. The network itself must be able to provide visibility to different business functions and across time horizons and indicate changes across demand, supply, and operations. At the same time, companies must continuously evaluate emerging technologies and pinpoint the right solutions for their needs that enable business innovation and sustainable growth.
With a plethora of supply chain planning solutions in the market, here we highlight four areas of focus including powerful enablers and capabilities for digital transformation you can consider as you move along your supply chain planning technology maturity curve.
1- Data Processed and Delivered in Real Time Across the Ecosystem
According to Mckinsey, by 2025 vast networks of connected devices will gather and transmit data and insights, often in real time. For companies, this means that getting access to real-time data is essential to gaining visibility across multiple tiers of the supply chain network and across the ecosystem further increasing resiliency.
This data can come from a variety of internal and external systems, and from an exhaustive range of sources such as IoT sensors, market data, point-of-sale, social listening, weather, MES (Manufacturing Execution Systems), and more – and it provides visibility to internal and external drivers to better understand the impact of changes and disruptions to your business.
The insights that come from real-time data (or as close to real time as possible) are critical in supply chain planning as they enable informed and timely decisions. Key capabilities in this area translate to the ability to handle big data to deliver continuous intelligence and actionable insights for augmented decision-making.
Look for a supply chain planning platform that has the ability to combine relevant historical data with real-time data from multiple sources, and that brings them all together onto a single platform to contribute near-real-time intelligence and insights that support fast, confident decisions.
2- Artificial Intelligence (AI) and Machine Learning (ML)
AI encompasses advanced analysis and logic-based techniques which are transforming the future of supply chain planning. AI is responsible for translating mountains of data from different sources, converting it into insights, and creating powerful models. ML, a subset of AI, involves algorithms that aid in the continuous process of identifying issues and resolving them, as well as improving data quality and accuracy.
AI and ML capabilities are proving remarkably useful for the modern enterprise to improve and optimize the supply chain model, revolutionizing the way data is interpreted to support and automate decisions. These analytics are crucial for intelligent prediction and segmentation of relevant data in order to accelerate your strategy. And thanks to AutoML (Automated Machine Learning), there is no need for data scientists to perform time-consuming tasks like cleansing and training your data. AutoML takes care of automating machine learning workflows while you focus on value-added activities.
Check out our eBook here to explore some of the practical uses of AI and ML in supply
3- Digital Twin for the Supply Chain
As companies explore end to end modeling capabilities and reach more mature levels of supply chain planning, digital twins present, decision making, and orchestration across the supply chain ecosystem. A digital supply chain twin creates a comprehensive digital or virtual replica of the physical supply chain, combining other advanced technology such as AI/ML, and IoT to keep the network fully interconnected. The advantages of a digital supply chain twin include the ability to monitor in real-time any changes in the supply chain, highlight issues or bottlenecks, and model ‘what-if’ scenarios to recommend a course of action.
With an end-to-end view across the network and the ability to predict the future, companies using a digital supply chain twin have a strong model for improved decision-making that leads to superior business outcomes.
4- Scenario Planning
Alongside the creation of a digital twin to drive end-to-end visibility across the network, you can harness the predictive power of ‘what-if scenarios’ to evaluate different alternatives; changing parameters and constraints to model the what-if scenarios.
Sophisticated mathematical simulations are used to project how the supply chain will respond if an event were to occur and identify potential failure points based on demand and supply risks. Scenarios are created from the generated responses to the failure points identified in the simulations. The most advanced capabilities in supply chain planning software will also help you make the most of smart recommendations for the best course of action to take, giving you a true advantage for data-driven decisions and competitive differentiation. Forward-thinking companies are taking advantage of advanced scenario planning to explore the effects of potential events, gauge the impact on the business, and determine the best trade-off decisions.
Building Your Disruption-proof Supply Chain
Your greatest supply chain planning advantage may be partnering with a vendor that works with you hand-on-hand to deliver the right technology and advanced capabilities you need to build a powerful supply chain to withstand disruption and overcome challenges.
At John Galt Solutions, we work closely with customers across industries to support their supply chain planning maturity journey from where they are now and accelerate their digital transformation.
Our market-leading Atlas Planning Platform connects and orchestrates your entire supply chain allowing you to create, integrate and personalize workflows and applications inside and outside your enterprise. Atlas combines real-time data, AI and Machine Learning to transform data into actionable insights that power your demand and supply strategies – connecting data, decisions, and operations around a single, unified and modern platform. Atlas also allows you to create a digital supply chain twin for that continuous real-time digital view of your entire supply chain, delivering insights and recommendations that minimize decision latency and improve productivity.
Discover the power of Atlas Planning Platform and how it can help you transform your supply chain today
