With the fourth quarter now upon us, every industry faces a challenge in managing a holiday production calendar that will deliver the goods. Startups need to be proactive in their inventory management to avoid disruption.
These are the five strategies we have been advising clients to use:
- Data and analytics can be used to map and identify the stock affected by the global shipbuilding crisis. You can use the crisis to prioritize supply chain digital transformation using data, IoT, and advanced analytics, such as machine learning and simulation, if you do not have data on what’s aboard a ship carrying your material. If you want to accurately gauge the impact of a shortage on your business, then it is essential to have a complete picture of where your goods are at all times.
AI can help startups see how disruptions to their supply chains affect them, so that they are better equipped to respond with a plan B in case the impossible happens.
- You can’t access the required data, so you will need to work with vendors to get second-party information. This allows you to provide AI-driven, actionable insights about the impact of the startup, retailer, and consumer.
- Forecast and simulate the effects of supply-side problems on the demand side. You can use scenario planning to help you make critical business decisions. This ability will be crucial in preparing for an emergency such as a pandemic or civil unrest, and can impact your business plans. This is a chance to create a disaster management plan to address the possible risks.
Publiated at Mon, 9 Aug 2021 23.03:04 +0000