To create resiliency, corporations must have visibility throughout their own systems and into their customer networks. Using real-time information allows operations leaders to be more flexible and to respond faster.
Technology allows companies to look across the supply chain ecosystem further than ever before. While some clients invest time in vetting their Tier 1 suppliers, many have not investigated lower-level suppliers or their suppliers’ suppliers or considered how they would be affected by a global catastrophe, weather emergency, massive data breach, political turmoil or other disruptions.
Separate the signal from the noise
A well-designed business continuity plan allows a company to pivot away from a disruptive event and implement change as needed, shifting where people work, where goods are manufactured or how to serve customers. Other business continuity activities, such as preventative maintenance, help companies to reduce or eliminate unplanned downtime.
New and emerging technologies like predictive analytics, machine learning, blockchain, internet of things connectivity and sensors, supply chain digital twins and control towers enable this type of operational resilience. The combination of technology and data coming together gives executives the ability to understand implications across an entire business unit or function and act quickly to mitigate potential risks. When polled, a majority of webcast respondents said they are primarily focused on implementing predictive analytics and machine learning to improve their operational resilience.