Analytical tools and methods can play a crucial role in improving supply chain resiliency against disruptions risk

-Risk assessment and management

Analytical tools can aid in the identification and quantification of supply chain risks and vulnerabilities. This data can be used to develop risk mitigation strategies, including alternative sourcing, inventory optimisation, and contingency planning.

- Real-time monitoring and response

Using data from sensors, RFID tags, and other sources, analytical tools can facilitate real-time supply chain monitoring. This can allow businesses to detect disruptions early and act swiftly, such as by redirecting shipments or reallocating resources.

- Predictive modeling and forecasting

Using historical data and predictive modelling, analytical tools can forecast potential disruptions and their impact on the supply chain. This can help businesses plan for and mitigate risks prior to their occurrence

- Collaboration and communication

By providing a shared platform for data analysis and decision-making, analytical tools can enhance collaboration and communication throughout the supply chain. This can assist in ensuring that all stakeholders are informed and involved in the risk management and response processes.

Explain detail and give example for each.