We examine how artificial intelligence can help manufacturers get ahead of supply chain disruptions, assess vendor risk, and red-flag loopholes in procurement contracts.
Earnings call data from Q2’20 shed light on the supply chain and procurement issues plaguing manufacturing, which have been accentuated by the Covid-19 crisis.
For example, 3D printing company Sigma Labs said Covid-19 exposed “major weaknesses” in manufacturing supply chains that have become “too complex and too rigid.”
Applied Materials announced “significant challenges” in supply chain and manufacturing operations related to the pandemic.
Further, manufacturers are struggling to keep their production on schedule, with over 55% of the 1000 North American manufacturers and suppliers surveyed expecting revenue declines, according to a recent Thomas Net survey.
Manufacturers depend on a global network of suppliers and other contract manufacturers to bring a product to market.