Transforming Australia’s supply chains with knowledge graphs
By Dr. Maya Natarajan, Senior Director, Knowledge Graphs, Neo4j Since the onset of the pandemic, global supply chains have suffered unprecedented disruptions. Volatility in supply and demand, as well as route restrictions, have caused catastrophic breakdowns. Critical supply chains that should be resilient with ample redundancy built in have instead been revealed to be highly vulnerable. A Dun & Bradstreet study found that 163 Fortune 1000 companies had Tier 1 suppliers impacted and 938 had Tier 2 supplier impacted by the pandemic. According to Capgemini research, 74% of supply chain companies faced a shortage of critical parts and materials, and 68% had products held up in ports or across borders. Similarly in Australia, according the Australian Bureau of Statistics (ABS), over a third (37 per cent) of all businesses experienced supply chain disruptions in February 2022. The survey found the most common supply chain issue facing businesses was domestic and international delivery delays (88 per cent), while 80 per cent had supply constraints and 75 per cent had seen increased prices (including transport costs). A key reason is the vast complexity of global supply chains. With so many different links in terms of sources, suppliers and routes they are highly multi-dimensional, making it extremely difficult to get visibility through traditional methods. Without visibility, it’s very hard to find redundancies in terms of alternate routes and suppliers. The need for supply chain visibility To be resilient, supply chains need to be visible. As McKinsey notes, one way to build long-term supply chain resilience is to construct a digital twin: “a virtual replica of a business’s operation that allows companies to simulate how a product, process, or service will perform before it is implemented in the real world.” Essentially, supply chains are all about understanding networks and dependencies. So, data that’s usually in different data stores, such as […]