Transparency in supply chain processes is more crucial than ever in identifying and addressing risks.
In this TED Talk, Dustin Burke from Boston Consulting Group, highlights the challenges of supply chains and the importance of making them more resilient to crises, such as natural disasters, pandemics, and relatively unexpected shocks. Burke discusses three key ideas that could help make supply chains more resilient: sharing risk, radical transparency, and automated recommendations.
Burke notes that companies need to know not only who their suppliers are but also who their suppliers’ suppliers are, where they get their raw materials, and who else is buying from them. He also argues that better data should lead to better decision-making and that advances in data mining, artificial intelligence, and machine learning can help predict problems before they arise, notify managers, and recommend actions to take.
Burke concludes by urging businesses and governments to be more imaginative in how they use these ideas to make supply chains more resilient.
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