Eliminating Supply Chain Risks with Data

Eliminating Supply Chain Risks with Data

By Pharma Tech Outlook | Friday, February 15, 2019

Data becomes useless when an organization has no tools for understanding and gaining deeper insights. Business data analysis has meanwhile helped several organizations reduce costs, make faster and better decisions. Drone images are an example of combining ML and local intelligence technology that is able to predict and analyze information with 97.8 percent accuracy.

Supply chains have become complex. Manufacturers, therefore, use AI to untangle the web and review the implications of national security. Securing the supply chain will be a major challenge for many companies, according to the leading supply chain analyst, Louis Columbus. The supply chain problems primarily affect the quality and cost of the product before the digital supply chain.  But the supply chain issues now revolve around national security issues with the advent of high-tech products. Chinese subcontractors use spyware chips on high-profile customers such as Apple and Amazon’s motherboards. However, the companies have not publicly acknowledged the same.

PricewaterhouseCoopers has launched a platform service, “Know Your Vendor,” to reduce the uncertainty surrounding vendor risk and reliability. The platform helps manufacturers understand the risks involved in the supply chain and mitigate them. Today’s global supply chain is often changing and is also complex. The key to automating the complex supply chain solution is to become familiar with data science and engineering combinations.

Only 10 percent of manufacturing companies have managed to drive supply chains. Many companies have begun to invest in the digital supply chain at lower costs and higher revenue. Blockchain mechanisms have solved several DSC problems. Companies do not focus on the blockchain’s values but instead, focus on demonstrating how the technology works. Big data and analytics can also benefit the digital supply chain. New blockchain technology will reduce error by 30 to 50 percent significantly. The company wants to move faster because of last year’s sluggish pace. To register a smooth digital supply chain and reduce financial losses, businesses need to keep track of valuable assets and implement intelligent strategies.

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