Photo from ShutterstockOriginally Posted On: Bolster Supply Chain Risk Management With Adlib’s Content Intelligence (adlibsoftware.com)
During a time of rapid change and globalization, it has never been harder to manage a supply chain. Not only is the undertaking complicated, but it is also essential to the success of an organization. Look no further than the rise of the modern-day supply chain officer. The role has been elevated to the executive team, because the position is as vital to growth, financial stability, and risk management, as any other member at the table. As a result, long gone are the days of viewing supply chains as cost centers. Now, supply chain risk management and procurement teams are expected to improve time to market, increase profits, and even fuel innovation. However, achieving these objectives comes with a set of unique challenges. Take the increased uncertainty around tariffs and trade regulations. Chief supply chain officers (CSCOs) need to be able to review and adapt to changing agreements, contracts, and documents without skipping a beat. Moreover, with widespread pandemic-driven shortages in warehouses, containers, trucks, material handlers, and more, CSCOs need to be able to convert every container into a warehouse and redirect containers as needed in real-time. At the end of the day, if retailers are unable to meet customers’ demands, they will take their business elsewhere and may never return—eroding brand equity and loyalty.
In a recent Gartner survey, only 21% of respondents stated that they have a highly resilient network today, including clear visibility and the agility to shift around sourcing, manufacturing, and distribution activities fairly rapidly.
To transform their supply chains into revenue generators, CSCOs need in-transit, real-time, and end-to-end visibility. A Content Intelligence platform can facilitate this insight by automating five essential supply chain functions: discover, select, evaluate, negotiate, and manage. Read on to learn more about fortifying your own digital supply chain.
- Supplier Discovery
Finding the right suppliers means collecting and sifting through huge volumes of data. Since this information is typically buried in PDF or word documents, a team of subject matter experts is required to go through it manually. An automated document review process saves an enormous amount of time and resources. In addition, it mitigates risk at the front end and allows for more rapid ingestion of supplier discovery leading to much-needed flexibility and resilience. Adlib’s all-in-one Content Intelligence platform automatically discovers essential supplier information from multiple sources, in any format, and surfaces the high-value content that will make identifying the best suppliers easier.
- Supplier and Proposal Evaluation
Since the stakes have never been higher, securing reliable supply chain partners involves drilling even deeper into business continuity and disaster recovery plans, among other criteria.
When it comes to understanding your contracts, the right software solution is like having unlimited spins on the Wheel of Fortune. Instead of solving business-related questions using incomplete information, you see the whole picture.
Adlib’s trainable AI models can isolate key paragraphs, clauses, and terms of any document, agreement, and or contract to make sure they meet requirements.
Automating the analysis of this data ensures that companies are evaluating the best potential suppliers and enables them to make decisions faster.
- Supplier Selection
Today’s discerning customers have high expectations of how the products they use are made. Transparency into sourcing and sustainability is a deal-breaker. However, certifications, social and environmental governance, and corporate mandates are difficult to access and even harder to keep track of on an ongoing basis.
Adlib’s platform enables CSCOs to discover, convert, classify, and extract product, ingredient, geographic, and sourcing data at hyper-automation speeds. Having supply chain analytics readily available leads to a faster time to market. The right suppliers also help to promote brand health and customer loyalty.
- Contract Negotiations
If onboarding a new supplier takes weeks or months, that represents tangible opportunity cost and lost business. Being able to quickly find contract terms, reference performance obligations, and respond accordingly significantly reduces these expenses.
Automating supplier and product information management workflows reduces the time it takes to onboard new vendors by up to 80%.1
- Supplier Management
Valuable digital supply chain management data is often hidden in spreadsheets, databases, and remote file stores, and piling up in disparate systems across business units. This makes it impossible to access a trusted, complete view of suppliers and sub-suppliers. As a result, decision-making is sluggish. AI extracts important data from customers, suppliers, and documents, and streamlines supply, demand, and inventory management. By leveraging automation and AI, leaders can track their inventories at SKU levels and make precise, informed decisions that boost the efficiency of their supply chains and reduce costs. Ultimately, CSCOs need a data-driven platform that allows them to forecast and respond to demands in real-time, turning a reactive approach to supply chain services into a proactive one. The Final Verdict If CSCOs are the wave of the supply chain management future, siloed data must become a thing of the past. To maximize the potential of this role, CSCOs need a Content Intelligence platform that senses risks and opportunities and feeds this information in real-time to the people, workflows, and systems that need it. This five-pronged data analytics approach will enable businesses to manage supply chain risk, once and for all. In today’s hypercompetitive, hectic global marketplace, companies will either become obsolete or will utilize their supply chains to sustain growth for the long haul. Ready to Get Started?
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