Businesses that have invested in procurement automation and other digital transformation programs are experiencing resiliency and are better equipped to adapt to disruptions, writes Jussi Karjalainen. Effective procurement management can save costs, provide a clear view of the supply chain, offer real-time liabilities and cash flow reporting, assess spend analysis and make data-driven decisions.
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Almost half of supply chain leaders responding to a survey by MHI and Deloitte say they are spending more on cloud computing, robotics and inventory/network optimization tools as a result of the pandemic. Other technologies that stand to gain wider adoption include predictive analytics, artificial intelligence and the internet of things.
Digitization can offer organizations cost-effective, efficient, customer-driven and competitive supply chain management techniques. To start digitizing, supply chain leaders should look to innovate with track and trace technology, radio frequency identification and Bluetooth tech, 3D printing, robotics and Industry 4.0 tools such as big data and in-depth analytics, writes C S Ellis' Matthew Bratherton.
The increasing production of electric and autonomous vehicles is also ramping up demand for rare earth minerals, most of which are extracted and processed in other countries, such as China and Congo. The US is working on creating reliable supply chains and is exploring how to increase domestic production.
Supply chain disruptions on shipping, computer chips and plastics have come as pressure increases with summer and an economic boom approaching, writes IHS Markit Vice Chairman Daniel Yergin. New capacity and port investments as well as reexamined sourcing strategies will be required to adjust existing supply chains, adding complexity with diversified sources, Yergin writes.
Getting retail back to business [now on-demand] How are retail companies faring after making adjustments based on the pandemic, and what is on their agenda as they move forward into this new era of retail? Watch on-demand as SmartBrief, Hallmark and Farmgirl Flowers discuss where their businesses are picking up and how their goals have evolved over the last year. Watch now.
The chief data officer's role in the corporate hierarchy has grown in recent years since Capital One named the first one. Researcher Doug Laney reports some discoveries about CDOs, including the fact that organizations that name one are four times as likely to use data to transform their business.
Revisit the ecomm trends taking you to #1 in 2021 The end of Q1 is approaching - how are you tracking against this year’s top ecommerce trends? Join experts from LoyaltyLion, Klaviyo, Shopify, Nosto and more to revisit the trends that will take you to number one in 2021. Access the ebook and on-demand video library now.
According to its first impact report, Olam Food Ingredients has reached all of the milestones outlined in its Cocoa Compass sustainability initiative, including reaching 100% supply chain traceability. "The unprecedented level of data and insight at our fingertips will help us identify how and where to act to achieve our longer-term ambition of a professionalized and quality-focused cocoa supply chain," said Gerard Manley, CEO of Olam's cocoa business.
Demand variability is causing disruptions for toilet paper, ketchup and semiconductor chip manufacturers because of poor demand-forecasting and overreactive ordering, lag times and shortage gaming, writes Willy Shih. Now that toilet paper production has caught up to demand, the manufacturers who invested in additional capacity will be oversupplied for a while, and semiconductor producers will eventually catch up to demand and mitigate the so-called "bull whip effect."
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