Supply chain forecasting and systems for managing disruptions

· Supply chain resilience is a strategic capability which confers a competitive edge in today’s marketplace, as it enables organisations operate their fulfilment operations efficiently to manage unforeseen fluctuations in product demand. · A key component of supply chain resilience is the ability to predict short to medium term disruptions as well as the strategic ability to forecast likely occurrences based on previous historical events, patterns and cycles within the local and global operating environment. · Supply chain management in Nigeria can be quite challenging given the inherent disruptions such as fuel scarcity, adverse weather conditions, infrastructure deficiencies, insecurity, customs, people issues and regulatory delays which occur on a regular basis. · Deploying supply chain forecasting techniques optimally can help executives in forward thinking organisations by freeing up valuable bandwidth on initiatives therefore allowing them to focus on higher-yielding opportunities. · Supply chain forecasting will help to improve strategic planning, lower operating costs, improve inventory management, reduce waste and ultimately, boost revenue and profits. · Recent advancements in digital technology continue to enable increased adoption of smart supply chain solutions powered by artificial intelligence and machine learning, big data analytics, blockchain technology, and cloud-based demand planning software, etc. · Nigerian businesses can evolve, compete profitably and thrive amidst current market frictions by developing resilient supply chain, smart supply chain forecasting tools, agile and proactive risk management practices, and a culture of continuous improvement.