The bigger the chain is, the riskier it can be. Therefore, complex companies has to proactively manage supply chain risks.

“According to a recent survey from Deloitte, more than half of the 600 manufacturing and retail executives surveyed said supply chain disruptions were becoming more frequent and costlier. Executives said that their biggest concerns were centered on margin erosion, sudden demand change, product flow disruption and quality failure. What could be exacerbating these concerns is something else the survey found: Many companies are failing to adopt advanced technologies that could help mitigate those risks.”

“Although many of the surveyed executives report using a wide range of tools to manage risk,” said the report, “only 36% use predictive modeling and less than one-third (29%) use risk sensing data, worst case scenario modeling, or business simulation — tools that can help drive more proactive management of supply chain risk.”

Thus, what tools could they be using?

1) Product lifecycle management (PLM) which helps managing the process of taking a car through concept, design and into production.

2) Event management software which assists managers stay ahead of violations: sending of instant email or text message alerts when certain parameters set on shipments are violated.

3) Inventory management app BizSlate: Keeping the inventory records as up-to-date as possible, besides also to help on tracking and manage demand.

Original article published on How Tech Tools Make Supply Chains Less Risky

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