5 Best Practices for Preventing & Mitigating Port-related Supply Chain Disruptions
According to Reuters Events recent research, 40% of companies say their supply chains failed them at the height of the pandemic.
Due to these failures, 80% of companies say they have accelerated their digital supply chain strategies.
Furthermore, almost 50% of the companies surveyed are looking to overhaul procurement and risk management strategies within the next two years, and 42% of enterprises are now using automation to manage risks.
In order to gain full transparency of your supply chain, you need to have situational awareness of the below inhibiting factors.
With events such as Covid, the Suez Canal, and labor strikes, many supply chain leaders have been focused on the port behavior their goods flow through as opportunities to improve their performance. Port-related supply chain disruptions cannot be eliminated entirely, but with new capabilities enabled by the IoT, predictive analytics, and machine learning, those risks can be significantly reduced.
Innovators who take advantage of solutions like TransVoyant P2E™ can gain a competitive advantage, have real-time transparency of shipments and orders, and gain predictive insights that enable them to avoid or mitigate port-related disruptions.
Traditional supply chain and transportation management solutions have not been successful in addressing highly volatile port-related issues, but IoT and predictive analytics-based technologies are changing the game.