Does Logistics Matter? Answering YES to the question in our latest podcast episode is David Lynch, Senior Vice President, Analytical Solutions & Services at Sayari, the leading risk intelligence platform.
Diverse Risks in Supply Chains
Our world revolves around commerce and trade. Goods flow around the globe as supply chains become increasingly global. Larger supply chains also mean more parties involved, which brings a lot of opportunity but also a lot of risk.
Corporations, financial institutions, and government agencies want to minimise supply chain risks. Many different factors can be considered risks. Organized crime is one, but companies using slave labour or unsafe working conditions are also risks. So, what can companies do to mitigate supply chain risks? That is the topic of this podcast episode.
The Importance of Data in Risk Mitigation
According to David, companies should take several steps when mitigating risk. The first and most important one is to ensure they know what is happening in their supply chain. Data then becomes one of the most essential elements. Without the correct data, getting full visibility across their supply chain is tough.
Leveraging Public Data
Many companies face the problem of having limited control over their data and having to depend on their partners for their data. Much of the data involved is proprietary and hard or even impossible to access. According to David, public data is an important and often overlooked source that can help companies better understand their supply chain risk. In recent years, there has been an explosion of public data that is available and ready to be accessed and analysed.
The Role of AI and Algorithms
The upside of the proliferation of available data is that getting full visibility of your supply chain is easier. The downside is the sheer volume. It’s simply not possible for a human to sift through everything. This is where AI and algorithms come to the rescue. Algorithms can analyse large amounts of data and report on abnormalities and exceptions. Humans can then focus on these exceptions instead of spending time vetting a supplier that is no risk whatsoever.
If you want to learn more about mitigating supply chain risks, and the role that public data and artificial intelligence play in that, listen to my conversation with David via the player below or on your favourite podcast app.
Header image by NASA on Unsplash
This episode is powered by Sayari
