COVID-19 Supply Chain Disruption Demands Rethinking Conventional Prediction Models, According to ERP Advisors Group
On Thursday, May 14, ERP Advisors Group hosted a conference call to discuss how to optimize ERP solutions, predict inventory fluctuations, and accelerate plans to bring e-commerce solutions online, in order to deal with COVID-19 disruption. A video of the entire call is available at erpadvisorsgroup.com/events.
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Shawn Windle, the Founder and Managing Principal of ERP Advisors Group, explained, “It all comes back to having a fundamental understanding in Sourcing, Inventory, Production and Logistics of what really is there. How much logistics capacity do you have, for example? Having all that data defined and understood in your system so stakeholders can make an instant decision is incredibly vital. And fortunately, ERP can provide that.”
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Watch the full video here: https://erpadvisorsgroup.com/post/addressing-supply-chain-disruption-with-erp-optimization/.
While no one could have predicted the impact of COVID-19, Windle pointed out that it is time to use ERP tools to rethink supply chain models.
“Knowing what we’ve been through with COVID-19 — what really is a safety stock number?” he said. “If we look at some basic planning for supply chain planning and inventory planning, I will tell you that most of the folks that we’re working with are increasing those numbers.”
Windle also noted the role that ERP forecasting tools can play in helping account for disruption: “We are working with several clients on how they can make their forecasts, their demand plans, and even their analytics provide a much more accurate look into the future. And remember that while you have these forecasting and planning tools, there always is the need for the human element to take a look at that and make sure that it makes sense. ERP is only as good as the data that you put into it.”
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