How Digital Supply Networks Can Provide a New Era of Collaboration for Industry 4.0
In the pharma industry, new ground is gained every day in understanding how digitally connected supply networks can help drive innovation, respond rapidly to disruptions, and ensure business continuity. The journey to digital supply network adoption begins where many organisations are suffering from a lack of supply chain visibility and ends with an opportunity to leverage the power of collective intelligence. In this article, John Bermudez at TraceLink explores how organisations can create their own digital supply networks on demand to forever change the way they work with their suppliers and partners.
Extract:
‘Building Common Ground for Collective Intelligence’
In an age of disruption, not having end-to-end visibility across increasingly complex global supplier networks, results in a constant state of fire-fighting mode.
In the pharma industry, new ground is gained every day in understanding how digitally connected supply networks can help drive innovation, respond rapidly to disruptions, and ensure business continuity. The journey to digital supply network adoption begins where many organisations are today—suffering from a lack of supply chain visibility—and ends with an opportunity to leverage the power of collective intelligence.
In this article, John Bermudez, VP of Product Marketing at TraceLink, explores how organisations can create their own digital supply networks on demand to forever change the way they work with their suppliers and partners. Bermudez also offers a look at how pharma companies can build their own network ecosystems with a digital network platform.
Supply chain visibility is critical…but it’s not easy
More than half of the companies across the end-to-end pharma supply chain lack the upstream and downstream visibility needed to respond effectively to sudden marketplace disruptions, according to IDC research, that surveyed more than 500 companies on the impact of COVID-19 on the global pharmaceutical industry.
Visibility problems threaten efforts to build more agile, responsive, and resilient supply chains that can withstand and quickly recover from disruptions like those caused by the COVID-19 pandemic, the research found.
“Visibility and agility are critical components of overall resiliency,” said IDC Program Vice President and Supply Chain Strategies Practice Leader Simon Ellis. “You simply can’t be a resilient supply chain if you don’t have those kinds of things.”
While companies struggle with visibility remains, demand for goods is stronger than ever
In June, the Institute for Supply Management (ISM) monthly index reported the 13th consecutive month of growth across 17 of 18 industries. However, many of these manufacturers are having a hard time keeping pace due to a plethora of supply chain issues, ranging from material shortages to commodity price increases.
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