In the face of recessionary concerns, CIOs say they are placing a higher value on technology that improves efficiency, reduces supply-chain difficulties, and boosts profits. Technology investment decisions are influenced by various variables, including economic conditions, inflation, and supply-chain uncertainties. According to Walgreens Boots Alliance Inc. and Carhartt Inc., CIOs said solutions like improved planning, automation, and artificial intelligence might be leveraged to reduce supply-chain bottlenecks that hinder revenues.
From startup founders to investors and corporate executives, a new mindset is evolving in the digital industry that emphasizes efficiency and profitability. Supply-chain backlogs produce significant headaches for IT leaders and investors in the public and private sectors. This realization was made by Philip Burns, a New York-based Murray Hill Group Partner, after ordering a $5 million piece of semiconductor equipment with an 18-month lead time. According to Mr Burns, venture capital and private equity investor, profits will be difficult to attain in a weakening economy, and thus firms must minimize expensive delays, he said.
Tinto advises CIOs looking to reduce backlogs to concentrate on improving supply chain efficiency. To avoid delays, some CIOs plan and schedule purchases months or years in advance. For pharmaceutical equipment, such as workstations and PIN pads, Walgreens Boots Alliance CIO Francesco Tinto reports that delivery delays have grown from eight to sixteen weeks. He argues that a longer-term strategy is required. Since she took over as CIO two months ago, Katrina Agusti has been working to improve supply chain efficiency to reduce backlogs.
According to Agusti, Carhartt is investing in technology that improves supply-chain visibility. After increasing the organization’s monitoring of unusual occurrences, she wants to improve how the company monitors extraordinary situations more proactively. Carhartt has teamed up with Manhattan Associates, a transportation and warehousing firm, to accomplish that objective.
Agusti says Carhartt has also incorporated third-party logistical data into its systems as part of this process. The newly formed data science team will do future work to develop predictive models for predicting supply chain problems and evaluating possible mitigation measures, according to Ms Agusti.
The post CIOs Take Advantage of Technology Solutions to Improve Efficiency As Recession Risks Rise appeared first on Best Stocks.
