Can you personally read every news source in the world, every day, to make sure there aren’t any looming events that are going to disrupt your supply chain and your business? Of course not. What if you had a few more people on your team—could you do it then? Again, no. What if you used a service like Google Alerts? Trust me: Still no.
If you're relying mostly on manpower to identify risk, it's absolutely not possible to stay on top of it all. But there is technology out there that can help: digital technology like AI and machine learning can do the work for you at a fraction of the time, at a fraction of the cost—and with a much better result.
#2: To Stay Ahead of the Competition
Research from The Hackett Group shows that the majority of companies are planning to implement technology tools for risk management in the next 2-3 years—and 63% of them are planning to do so specifically for supply chain risk (see chart below). The only tool companies aren’t planning to implement in the next 2-3 years? More spreadsheets.