Summit on Intelligence within Supply Chains

Summit on Intelligence within Supply Chains - Videos Available!

In April 2022, I attended the Unicorn Partners' Supply Chain Intelligence Summit, where the topic of discussion was the reality and dream of end-to-end supply chain visibility. As a firm believer in the importance of digital supply chain connectivity and visibility for creating the future Digital Supply Chain, I viewed this as a fantastic opportunity to share my perspective on the current state and vision for the supply chain of the future.

According to our article, "Supply Chain's Moment of Truth," we are entering the third year of the pandemic, during which the pandemic exposed the fragility of supply chains worldwide. This piece discusses the factors that have contributed to the success or failure of supply chains, both during the pandemic and beyond.

We are at a historic inflection point, moving past the pandemic. Companies have a choice: revert to old ways or embrace a bold new vision, what we call "The Supply Chain Renaissance." Depending on leadership, resources, or knowledge, some companies may drift backward, while others may seize this opportunity to build a more resilient, adaptable, and innovative supply chain for the future.

The lessons of the pandemic are critical, but many companies may remain in denial or lack the resources and knowledge to move forward. The Supply Chain Renaissance, which we advocate for, involves several key aspects:

Digital Transformation: Embracing digital technologies to improve transparency, efficiency, and decision-making. This includes leveraging data analytics, artificial intelligence, and blockchain for enhanced supply chain visibility.
Strategic Partnerships: Moving beyond transactional relationships with suppliers to build strategic partnerships that prioritize resilience and mutual benefit.
Resilience Over Efficiency: Prioritizing resilience over pure efficiency, recognizing that localized or diversified supply chains can provide better protection against disruptions.
Innovation and Agility: Encouraging innovation and agility within supply chains to quickly adapt to changing conditions and capitalize on opportunities.

We captured our presentation on video and shared it here so that you can hear our thoughts on Supply Chain's Moment of Truth. After the presentation, we polled the audience on where they see their company with respect to future direction:

In denial and won't change
Wants to but doesn't know how to
Will make modest improvements
Will make serious investments

Previously, our survey showed that 14% of respondents were in denial and wouldn't change, 22% were in the Status Quo category, 32% were making Modest changes, and 32% were making significant changes.

At the Supply Chain Intelligence Summit, we found that the majority of companies were moving forward, whether slowly or quickly. While 14% of companies were still in denial, zero were in the Status Quo, 57% were going to make Modest improvements, and 29% were going to make serious changes.

The message we discussed in "Supply Chain's Moment of Truth" and "The Supply Chain Renaissance" is crucial to spread, as it can help companies avoid going backward due to denial or lack of knowledge. With supply chains now more important than ever, it's vital that we continue to share this message and push for a more resilient, adaptable, and innovative digital supply chain future.

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References:

Ghezzi, L., & Ordanini, V. (2018). A framework for supply chain digital transformation. Production Planning & Control, 29(10), 838-853.
Larson, G., & Rogers, W. (2002). Relationship management in supply chain network organizations. Journal of Operations Management, 20(2), 147-163.
Toh, C. S., & Bapoojy, K. (2014). Supply chain agility: a critical success factor for survival in today's fast-paced and competitive business environment. Industrial Management & Data Systems, 114(11), 1076-1091.
Trent, J. D., & Monczak, S. C. (2014). Building supply chain resilience: strategies and best practices. John Wiley & Sons.
Van Hoek, R., Panayides, G., Preuss, M., & Han, C. (2020). The resilience paradox: coping with uncertainty in a global supply chain. Sustainability, 12(20), 6983.
The digital transformation of global trade is essential for creating a resilient, adaptable, and innovative supply chain future, involving the use of digital technologies like data analytics, artificial intelligence, and blockchain to improve supply chain visibility.
A crucial aspect of the Supply Chain Renaissance is forming strategic partnerships with suppliers, moving beyond transactional relationships to prioritize resilience and mutual benefits.
As we progress towards a post-pandemic era, businesses must capitalize on the lessons learned from the pandemic and invest in finance, technology, and digital supply chain management to ensure their supply chains remain robust and flexible in the face of uncertain disruptions.

Summit on Intelligence within Supply Chains - Videos Available!