As the world gets to grips with a world health and humanitarian emergency resulting from the spread of coronavirus (COVID19), the knock-on economic effects also take effect. In an increasingly global economy, we are starting to see how fragile some just-in-time supply chains have become.
Businesses must ensure they understand what can be done remotely in relation to the signing of documents. They should also now be re-visiting contracts and opening dialogue with other parties within the supply chain to understand the potential impact Covid-19 may have. This planning is imperative to ensure business continuity, that relationships remain commercially viable and that disputes are avoided. Uncertainty does not absolve directors of the need to act in the business’ best interests.
Ushering in the era of The Internet of Things (IoT) brings with it conceptual and cultural change in supply chain management. Previous processes that were once not possible to automate, now not only function independently, but are capable of sharing data and interacting in such a way as to maximize efficient output.
While the precise impact of IoT is dependent on technology costs outweighing efficiency savings, there are several inherent benefits the supply chain can expect from its introduction.
Artificial Intelligence (AI) has now invaded how industries operate in more ways than we can count and know. It has developed into a welcome (and now necessary) addition to boost efficiency, sharpen forecasts and speed up certain processes. Any company that sells a product has a supply chain, which is the network of all the stakeholders involved in the creation and distribution of a certain product, and any supply chain can benefit from AI.
How did you get into this field – was it purposeful or by accident?
In this episode of the Sourcing Industry Landscape, Dawn Tiura interviews Danny Ertel. Danny Ertel is a Founding Partner with Vantage Partners located in Boston, Massachusetts. He joins the podcast to explain how procurement and supply chain teams can do more for the organization by aligning with the businesses that they support instead of acting as the “procurement police” and focusing only on enforcing policies.