As businesses across the globe continue to navigate supply chain disruptions, agility is key in responding swiftly to unpredictable demand patterns. However, achieving agility in this new environment may require a mindset shift for organizations that are still using old strategies to respond to constant changes. Many companies will need to rethink the very structure of their supply chains to stay competitive, using data, analytics, and technology to enable greater resiliency.
One of the core challenges companies face today is demand and supply variability. Recently, there have been some extreme examples, but for years researchers have known that their forecasts are wrong and have built in the ability to manage that forecast error. The key to handling today’s challenges is constructing a network with built-in protections against sudden issues like excess demand or supply constraints.
Read Value Network: The Way Forward for a Resilient Supply Chain to learn how your organization can take a leap from complex, hierarchical and fragmented value chains to a multi-enterprise business network to create an agile foundation for your business.
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