With the fourth Now we have a quarter on us, all industries are faced with the challenge of managing a holiday production schedule that will deliver the products. The key for startups looking to defend the quarter from disruptions is to take a proactive, data-driven approach to inventory management.
Here are five methods we’ve been advising clients to adopt:
- Use data and analysis to identify and map inventory that is impacted by the global shipping crisis. If you don’t have the data on what’s on a ship carrying your materials, use this crisis as an opportunity to justify prioritizing supply chain digital transformation with advanced data, IoT, and analytics (e.g. machine learning and simulation).
- You need to know the location of your products at all times if you are to successfully assess the impact a shortage will have on your operation. Eventually, AI will aid startups realize how myriad disruptions impact their provide chain so they can better respond with a Prepare B when the unthinkable comes about.
- If you don’t have the data available, you should partner with a vendor and use a secure environment to share third-party data to provide actionable AI-driven insights on business impact on all parties involved, from start-up to commissioning. retailer. to the consumer.
- Simulate and forecast the impact of these problems on the supply side on the demand side. Perform scenario planning exercises and inform critical business decisions. If this capability is not in place, an emergency such as a pandemic, civil unrest, or an uncontrollable rate hike will wreak havoc on your business plan. Use this situation as an opportunity to implement a disaster management program to prepare for potential risks.
By: Ahmer Inam
Ahmer Inam is the chief synthetic intelligence officer (CAIO) at Pactera EDGE. He has greater than 20 years of expertise driving organizational transformation. His expertise contains management roles at Nike Inc., Wells Fargo, Sonic Automotive and Cambia Well being Options.