The digital transformation of supply chains has been inescapable over recent years, but the COVID-19 pandemic accelerated digital adoption across industries. Amid travel restrictions, border closures and lockdowns, the world has had to rely on technology to cope and it has been crucial in navigating these challenging times.
By leveraging digital technologies and increasing transparency in every part of the supply chain, companies can more actively pinpoint areas of potential risk before a crisis occurs and are better able to respond when one does.
Here are some practical tips on how to use the latest technology to build resilience and mitigate sourcing risks:
From artificial intelligence to the Internet of Things, several technologies have emerged that are altering and changing traditional ways of doing things. There’s no better time than now to utilize digital transformation to map and manage supply chains and monitor alternative sources in real-time.
Multiple sourcing of supply
The pandemic has exposed the shortcomings of single-sourcing dependency on raw materials and finished products. Finding alternative sources globally and assessing manufacturing methods, modifying them to reduce parts and replacement materials can help minimize disruptions in the unforeseeable future.
At Global Sources, you’ll easily find multiple sources for the materials, components and finished products you need from thousands of Verified Suppliers.
Increasing the use of technology
One of the ways to improve efficiency is to amp up the use of technology for crucial production and design processes and to map tiered supplier networks. Eliminate redundant processes and automate wherever possible.
Needless to say that the digitization of the supply chain enables businesses to cater to new customer requirements, as well as meet the challenges on the supply side. And when it comes to supply, you can browse through millions of products on Global Sources Online.