Operations Management - Can I Use Technology to Maintain Business Continuity?
22 April 2020
While the coronavirus outbreak has increased financial pressure on most businesses, for those considering investing in technology to improve supply chain and procurement processes, now may be the time to expedite these projects. Despite current challenges, better tools may provide greater visibility of supply chains in order to monitor them more acutely and respond more quickly.
In addition to database and cost management tasks, software that includes real-time tracking of inventories – orders and cancellations, as well as warehouse and carrier logistics – could help businesses run with greater agility thanks to the provision of up-to-date information. Elsewhere, risk management and analytical tools can provide a better understanding of multiple stakeholders along the supply chain. This may be particularly useful for businesses opting to source new suppliers quickly, particularly if they are unable to carry out rigorous due diligence.
Introducing tools that offer greater visibility of second-tier suppliers and beyond may avoid establishing relationships with high risk or problematic companies. However, while automated systems can take over many standard tasks, heavy reliance on tools may not always be sensible during these unusual times, when procurement expertise will be an invaluable asset for creative decision-making.
Coronavirus Covid-19: Guidance for procurement and supply chain managers (CIPS)
Using AI in risk management (CIPS)
Expanding supply chain visibility