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Unravelling the Supply Chain with AI and Blockchain
June 1, 2020 Blog

 

Modern supply chains are longer and more complex than ever. For example, the Boeing AirBus 380 comprises four million parts produced by 1,500 suppliers across 30 countries and tracking each part from production to assembly is no small feat.

 

 

While globalisation has created a thriving international marketplace, it has also woven a tangled system of interdependence – one that faces unprecedented volatility, especially in a time of uncertainty.

Enterprises struggle with making sense of huge amounts of data and exchanging critical information across a complicated web of partners and suppliers. Consequently, less than 10% of today’s supply chain data is effectively used, and most companies are unaware of the 80% of data that is dark or unstructured.

Citing lack of visibility as a key challenge, over 87% of Chief Supply Chain Officers say it is extremely difficult to predict and manage disruptions.

Are you using your supply chain data effectively to optimise operations? Do you have capabilities to predict and manage supply chain disruptions? How can you build a resilient global supply chain?

Business leaders are leveraging transformative technologies such as AI and Blockchain to drive that goal. Are you?

As Pradeep Singh, Supply Chain Consulting Squad Lead, IBM Asia Pacific puts it, “The crisis we face today has exposed fragility in global supply chains and has highlighted the importance of AI, Blockchain, and Automation in the business to respond to the disruptions.”

AI ingests and correlates data from diverse sources at incredible speed and scale. It filters data overload to provide real-time analysis and actionable insights that help existing systems operate in a more efficient, cost-effective way. AI allows you to create a smarter supply chain by proactively predicting and managing disruptions, which helps you build increased resiliency and responsiveness.

Blockchain, on the other hand, offers transparency and provides visibility throughout the supply chain by enabling trusted data to be shared across permissioned supply chain participants. Blockchain also improves the overall robustness and reliability of your supply chain management system.

 

 

When AI and blockchain are combined, they enable your supply chain organisation to make more informed decisions and tap into its vast data more effectively.

Pradeep adds that “IBM is enabling our clients to build intelligent supply chain, manage risk and efficiencies and drive speedy fact-based decisions.”.

IBM’s report titled, “Building a Smarter Supply Chain”, details how AI and Blockchain can empower supply chains to:

  • Gain end-to-end supply chain visibility across systems and data sources
  • Retrieve and correlate relevant transactional data 90% faster to gain critical insights
  • Improve collaboration, increase efficiencies and reduce costs
  • Reduce time to value by at least 85%
  • Reduce mitigation time from days to minutes

 

Click here to read the full report.

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