As our lives and work continue to adjust, it’s important to retain the many lessons the pandemic has taught us and think about how we can build more resilient supply chains.
We are at the beginning of a long road to rethinking and rebuilding our supply chain models to encompass not just financial priorities but also business operations continuity in the most trying of circumstances.I’ve been in a number of teleconferences recently, meeting with more than 50 C-level executives from France and Italy who are discussing ways to remake their businesses in the wake of the COVID-19 pandemic.
For many years, their enterprises looked at supply chains through the financial lens of cost containment: the lowest-priced methods and the minimum viable inventories. That blinkered approach made money, but then came COVID-19. Factories shut down, and then panicky consumers hoarded basic goods. Not long after, healthcare systems couldn’t even secure essential personal protective equipment due to supply chain disruptions. There were also significant changes in consumer behavior.
In the past few years, the concept of creating a “digital supply chain twin” has become an important way of understanding and managing risk.Digital twins are best modeled in the cloud using a diverse array of data, and they’re employed to improve everything from the manufacture of jet engines to the speed of semiconductor chips. Their uses are multifold.
can produce better consumer-behavior models, anticipating spikes and shortages while avoiding overstocking. Tools like Google Cloud’s AutoML and BigQuery ML can train high-quality, custom machine-learning models with minimal effort and machine-learning expertise. For example,When things are rapidly changing, access to real-time consumer behavior data is critical.
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