As the world starts to emerge from the initial impacts of COVID-19, it has become clear how critical it is for enterprises to have a 360-degree view of their enterprises to prepare for and recover from disruptive events.
During the crisis, many organizations struggled to produce and deliver the everyday products and services on which consumers depend. The New York Times reported that more tonnage of container ships has been idled around the world during the pandemic than during the 2008 global financial crisis. Major car makers have also warned during their annual reports that the virus not only affected their sales volumes but also put significant pressure on their global supply chain.
Companies’ logistics have indeed been turned upside down as most enterprises were not prepared for such events and had limited visibility and control over their direct suppliers.
An integrated analytics solution that provides the insights to grasp how business functions are being impacted and understand risk exposure is essential for enterprises to build resilient operations and increase agility.
Understand the implications in real time
In the past, business leaders viewed and operated business units in siloes. COVID-19 has highlighted how essential a ‘360-degree view’ of their operations is in the preparation for disruptive events. Understanding the risk exposure of suppliers, employees or stakeholder is critical to ensuring safety and calculating operational impacts.
Enterprises that precisely understand how their different locations and suppliers are being impacted, could, for example, determine when a shortage of parts threatens to jeopardize production. Leveraging data analytics to surface insights in real time is essential to mitigating the impact and achieving a rapid post-crisis recovery, be it an earthquake, a pandemic, or even a war. With real time analytics capabilities, companies can quickly identify vulnerabilities throughout their organization and proactively address them.
Identify changes in demand patterns
Grocers and food suppliers have seen an abrupt change in the composition of the average food basket, making it increasingly difficult to predict demand and stock shelves with what customers want most. Keeping pace with customer demand requires fundamental changes in the way companies forecast and plan demand. To thrive now and in the post-COVID world, grocers and food suppliers must use advanced predictive analytical tools powered by machine learning to generate the necessary insights to meet changing demands.
Guide your strategy with what-if scenarios modeling
During a crisis, leaders must make decisions quickly, but determining the ramification of each decision is nearly impossible without the appropriate tools. For example, deriving the implications of workforce reduction helps manage and plan sourcing and production. Being able to create scenarios and build what-if analysis models using a number of variables is of utmost importance in helping businesses craft their strategy under uncertainty and adapt their operations to be more resilient and agile during adverse events.
To prepare for the next crisis, the introduction of analytical tools with real time capabilities that can ingest various type of data to assess risks and increase business agility is an imperative. To build resilience and protect the safety of employees, enterprises must be able to understand their risk exposure across operations, grasp changes in demand patterns and model the impact of potential scenarios before they happen.
TCS Intelligent Urban Exchange (IUX) for Workplace Resilience is an integrated analytics platform with a command center that helps enterprises coordinate and optimize their response to major disruptive events and address key operational and safety challenges, such as those caused by the Covid-19 pandemic. By ingesting and applying real-time analytics to various types of data- Internet of Things (IoT), videos, images, log files, public data, etc.–IUX for Workplace Resilience empowers decision makers with insights to monitor site-by-site execution, adhere to guidelines and regulatory requirements, and proactively plan for new threats and incidents.