- With the fourth quarter now upon us, every industry faces a challenge in managing a holiday production calendar that will deliver the goods.
- The key for startups looking to defend the quarter from disruptions is to adopt a proactive, data-driven approach to inventory management.
A recent news article published in the Tech Crunch by Ahmer Inam speaks about the 5 ways AI can help mitigate the global shipping crisis.
Here are some methods
- Use data and analytics to identify and map out the inventory being affected by the global shipping crisis. If you don’t have the data about what is on a ship transporting your materials, then use this crisis as an opportunity to justify prioritizing supply chain digital transformation with data, IoT and advanced analytics (e.g., machine learning and simulation).
- You need to know the location of your goods all times if you are going to successfully gauge what impact a shortage will have on your operation.
- If you don’t have the data readily available, then you need to partner with a vendor and use a secure environment to share second-party data to deliver AI-driven actionable insights on the business impact on all parties involved, from startup to retailer to the consumer.
- Simulate and forecast the impact of these supply-side issues on the demand side. Conduct scenario planning exercises and inform critical business decisions.
- If this ability is not in place, an emergency like a pandemic, civil unrest or an uncontrollable rate hike will wreak havoc on your business plan. Use this situation as an opportunity to put a disaster management program in place to prepare for the potential risks.
For more information visit tech crunch
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Source: Tech Crunch