99% of OEMs believe that the digital transformation of their supply chains is vital for meeting their organizations’ strategic objectives.
This research from Microsoft shows that digital transformation is high on the priority list for almost all OEMs.
The supply chain is one aspect of your business that is heavily impacted by external factors – case in point: the COVID-19 pandemic.
If you’re looking into strengthening and modernizing your supply chains, here are some of the things you need to keep in consideration:
Cybersecurity
Supply chains are highly interconnected. While this helps move things along faster, it also can increase security risks.
When third-party organizations are a part of your supply chain network, it is possible that they may not have strong enough security protocols in place. This can result in a breach of security and can negatively impact your organization.
Hence, it is always recommended to work together to take security measures and conduct regular cyber risk assessments to detect any potential issues.
Additionally, as your supply chain expands, you may start leveraging solutions for customer relationship management (CRM) and enterprise resource planning (ERP). In this scenario, it is crucial to ensure that these solutions have the necessary safeguards in place to protect your data.
Artificial Intelligence
Research from IBM showed that 46% of supply chain executives anticipated that Artificial Intelligence (AI) would be one of the greatest areas of investment in digital operations over the next 3 years.
This prediction seems to be holding true as the AI in the supply chain market is projected to reach $21.8 billion by 2027!
AI can help you a lot when it comes to network planning and demand forecasting. AI solutions can process large quantities of data, collected at different locations, to give you accurate forecasts and help manage capacity.
Sophisticated algorithms can take historical data, process it, and enable you to make more informed decisions. This is particularly helpful during uncertain times.
A 360-Degree Approach
Lastly, taking a holistic approach to supply chain management is vital for identifying opportunities and improving the speed-to-market.
The data and information you collect and analyze won’t be helpful until it is integrated into your supply chain solutions and shared across your teams. Once insights are shared you can truly optimize resource planning, adapt to changing business models, and ensure business continuity.
Dynamics 365 Supply Chain Management, for instance, allows you to do all this. It accelerates innovation, improves agility and enhances delivery by using predictive analytics.
At SHEA Global, we are committed to helping you make your supply chains as agile and secure as possible.
Our innovative approach enables you to find the best solution for your organization and make your Business Better.
Interested in finding out how you can optimize your supply chain? Contact us for a consultation.