According to PwC’s recent research, only 5% of the companies surveyed have a dedicated supply chain risk management unit and 50% rely on a reactive approach to their risk management.
Global supply chains are exposed to numerous risks that can cause delays or disruptions. Minimally, supply chains need the ability to continuously monitor risks due to the events listed in the diagram below, and ideally, they need to harness the full power of live supply chain situational awareness.
Digital supply chain solutions such as TransVoyant Precise Predictive Enterprise (P2E) provide these capabilities and more. This is particularly important when understanding the risks inherent with key shipping lanes, the condition of the goods while in transit, and their predicted arrival status (early, on time, or late). All of which is actionable intelligence that is used to proactively manage timeliness, quality, security, etc., and intervene to ensure acceptable levels of customer service are being maintained.
You can’t manage what you can’t measure – Peter Drucker
Being able to SEE lane behavior and UNDERSTAND its drivers provides the ability to IMPROVE performance through more effective risk management.
TransVoyant’s Lane Risk Assessment (LRA) uses Machine Learning and AI to select ‘lower risk’ lanes enabling shippers, in collaboration with their logistic service providers, to better plan and execute, as well as resist and recover when disruptions occur.