Supply Chain Risk Intelligence: Gold Rush of the 21st Century
There is a new gold rush underway in the supply chain and procurement world and this one looks to be far bigger than 1849. The ‘gold’ everyone is seeking today lies in the mountains of data hidden throughout the complexity of supply chains, value chains and procurement networks: Supply Chain Risk Intelligence
Thanks to Big Data and the Internet of Things we have not only access to data within our organizations but also outside of our organization. But. As all of us know, data itself is relatively useless – at least in today’s quantities – unless we are able to analyze it and put some contextual intelligence to it.
As for supply chain and procurement professionals this new gold rush can have huge economic implications too. Especially when it comes to use this new means of ‘gold’ digging to determine whether my supply chain is prone to risk. Risk Intelligence in our supply chains, at our suppliers and sub-suppliers will heavily influence on how we succeed as a company in today’s and future markets and in competitive situations.
How does Supply Chain Risk Intelligence work?
Through broad data gathering and screening of world leading risk databases and billions of unstructured websites, Risk Intelligence should continuously monitor and analyze risk signals – using artificial intelligence to minimize noise, and focus on relevant, impactful information.
In brief and if you are after a software solution to leverage Risk Intelligence in your company you should have these topics on you agenda:
- Risk Intelligence tools need to automatically leverage existing standard search engines
- Artificial Intelligence as part of the overall concept of getting value out of internal and external data
- Deep learning methods and algorithms
- and some sort of human verification to detect your supply chain risk events
As a result – and with the right tool – you will be equipped with up-to-date risk data that enables you to derive risk prevention strategies and world leading crisis detection to minimize the impact of unpredictable events and put you in control of your supply chains.