Recent disruptions have stretched supply chains all over the world. In some cases, supply chains have been broken in their weak places and have needed to be repaired. But there will always be unexpected events and outcomes. What helps are predictive models that can aid in decision-making. Dr. Madhav Durbha, the VP of Supply Chain Strategy at Coupa Software, suggests simulations can help companies make smart decisions that will lead to great heights.

Main Takeaways

Macroeconomics: In order to best guide its customers, Coupa needs to have a sense of the ever-evolving, macroeconomic landscape. To do so, Coupa compiles and analyzes data from external as well as internal sources. Machine learning is an asset to help pour over and analyze the external data. Coupa is able to leverage its vast community of customers, and their data/resources, in order to provide high value insights.
Digital Twins: Digital modeling is an effective tool in order to analyze a given company’s supply chain. Predictive models can be established and then informed decisions can be made and implemented to impact the supply chain in the physical world.
Two Big Supply Chain Steps: One thing companies can do to shore up their supply chains is to go from a mentality of a one-to-one relationship with each distributor to instead thinking about each element of the supply chain as a multi-layered network. With this new mentality, companies can form relationships with other entities in the supply chain and leverage their scale in order to secure the products that they require. Additionally, companies must have a willingness to work with governments in order to secure the supply chain. This may involve certain products being manufactured at the local level rather than relying upon the global supply chain.

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Every Action Has a Supply Chain Reaction