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December 2022 #14281 Page #64
Supply Chain Optimization By Rob Bellian Sales and Marketing Manager
W
ith the COVID-19 virus still a live threat, the state of the disruption to supply chains continues to be severe as a number of regions and economies emerge into a very different world.
As everyone in business knows, supply chains are critical to supplying goods and services quickly, safely, and securely. The unprecedented supply chain disruptions caused by COVID-19 created severe operational and financial consequences, with enterprises having to address issues including: •
demand drops and surges by segment,
•
supply shortages,
•
inventory placement challenges, and
•
reduced productivity.
Multiple lockdowns continue to slow or even temporarily stop the flow of raw materials and goods. However, to some extent the pandemic has not necessarily created these challenges but has accelerated and magnified problems that already existed in the supply chain. In the aftermath of the severe disruption from the COVID-19 pandemic, many enterprises like Vekta are planning to shift supply chain strategies to become more resilient, collaborative, and networked with customers, suppliers, and other stakeholders. To do this, increased investment in supply chain technologies like AI and robotic processes such as automation are of significant priority. Together with efficiency, the reskilling of supply chain workers is also a top priority over the next few years. This should not be surprising as cost-optimization in the supply chain will always be a focus, even in the face of building out additional resiliency. We are already seeing a shift from linear supply chains to more integrated networks. Enabling this change are technologies such as IoT devices or sensors that provide valuable data on where goods are in the chain and their condition. Continued next page
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