A recent PricewaterhouseCoopers report anticipated that companies would have to address the implications of their supply chains in regions affected by the coronavirus. In addition to localizing and digitizing supply chains, companies might have to secure redundant transportation options and buy ahead to procure much-needed inventory and raw materials.
Tech startup Verusen claims it can help businesses save an average of $10 million within a three-month period, with clients including Georgia Pacific, Graphic Packaging, and AB InBev. “As supply chains start on their digital transformations, we help them better understand their disparate and incomplete data and connect it to trusted business outcomes from the very start,” said Verusen founder and CEO Paul Noble.
Gartner says that by 2023 at least 50% of large global companies will be using AI, advanced analytics, and internet of things technologies in supply chain operations. Meanwhile, McKinsey & Company estimates companies that “aggressively” digitize their supply chains can expect to boost annual interest, tax, depreciation, and amortization (EBITDA) growth by 3.2% and annual revenue growth by 2.3%.