The COVID-19 pandemic threatened to derail supply chain management completely. Or did it?
Yossi Sheffi, distinguished MIT professor and an expert with 49 years in supply chain management, breaks down supply chain resilience into five levels and argues that supply chain managers were unsung heroes during the pandemic. Yossi also touches on balancing resilience with sustainability, pointing out that while essential, both can introduce short-term costs and competitive imbalances. He underscores the delicate balance companies must strike between cost management and maintaining multiple suppliers for risk mitigation.
He expounds on the role of AI in supply chains, emphasizing the importance of leveraging artificial intelligence for identifying alternative suppliers and predictive analysis. The conversation also delves into the roles of machine learning, large language models, and robotics in evolving supply chains. Despite skepticism about fully autonomous applications like pilotless planes, Yossi highlights ongoing experiments with AI as potential co-pilots. The episode concludes with reflections on the rapid technological evolution impacting the professional landscape and the fabric of daily life.
Key takeaways:
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Resilience in supply chains is crucial for navigating disruptions and maintaining operational continuity.
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Artificial intelligence (AI) technology is vital for supply chain management despite potential challenges.
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Supply chain resilience and sustainability are critical concerns, as are the investments in these areas.
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Check out Yossi’s book - The Magic Conveyor Belt: Supply Chains, A.I., and the Future of Work