AI & Automation Aid Supply Chain In Wake Of Covid-19
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Artificial intelligence and workflow automation are assisting manufacturers in Covid-19 management. Overall, though, the industry isn’t as well prepared as it could be.
In the 10 years since H1N1, said Resilinc Founder and CEO Bindiya Vakil, most organizations have not updated pandemic plans; many organizations are completely unprepared and have no plan; or people have moved on and no one is aware of what the plan is.
The Harvard Business Review came to a similar conclusion in a Basware-sponsored study. More than 60 percent of respondents say that a lack of visibility into their suppliers’ practices is a significant risk management issue. And many say they lack the tools to evaluate or monitor those vendors.
As a result, nearly a quarter of HBR respondents said their organization is not accurately evaluating their suppliers’ business practices. At a time when raw materials and components, manufacturers, and consumers are increasingly geographically dispersed, maintaining visibility throughout the supply chain is more important than ever—and more difficult.