5 ways AI can help mitigate the global shipping crisis, According to TechCrunch the fourth quarter now upon us, every industry faces a challenge in managing a vacation production calendar that will deliver the products. The key for startups looking to defend the quarter from disruptions is to adopt a proactive, data-driven approach to inventory management.
Here are five methods we’ve been counseling clients to adopt:
Use data and analytics to spot and map the inventory being suffering from the worldwide shipping crisis. If you don’t have the info about what’s on a ship transporting your materials, then use this crisis as a chance to justify prioritizing supply chain digital transformation with data, IoT and advanced analytics (e.g., machine learning and simulation). you would like to understand the situation of your goods all times if you’re getting to successfully gauge what impact a shortage will wear your operation.
If you don’t have the info readily available, then you would like 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 buyer.
Simulate and forecast the impact of those supply-side issues on the demand side. Conduct scenario planning exercises and inform critical business decisions. If this ability isn’t in situ, an emergency sort of a pandemic, civil unrest or an uncontrollable rate hike will wreak havoc on your business plan. Use this example as a chance to place a disaster management program in situ to organize for the potential risks.