In recent years, we've seen how rising costs, disrupted supply chains, and lockdowns can adversely affect businesses of any size. But there are some solutions that, if followed, can reduce your risk and help make turbulent times a little easier. This week on Let's Talk, our experts share their tips that will help you address the risks and prepare your business for any supply chain shocks. "There are several tactics that Australian business leaders can adopt to prepare for and address the aftershocks of shipment delays and stock unavailability. "Rather than relying on the just in time approach, which can be risky when there are supply shortages or shipping delays, the just in case approach is recommended. This approach focuses on forecasting demand to proactively secure sufficient supplies ahead of time. For this to work, a robust business management solution which grants to timely data which provides insight into incoming orders versus available stock is a key requirement. The just in case approach can boost profitability, while preventing wastage. "Having up-to-date industry data like procurement lead times, stock levels and order volumes can allow business owners to manage potential vulnerabilities in the supply chain and optimise efficiencies within. Finance teams can leverage this data allowing them to create more accurate financial forecasting models to save on supply chain costs and inventory management."

The pandemic caused many changes and hiccups within the U.S. economy, including several supply chain issues. While things are slowly getting back to normal, there are still some supply chain problems that companies across the country are trying to overcome. If there was one "positive" to the pandemic, however, it pointed out flaws and vulnerabilities in the chain. It's up to shipping and freight professionals to learn how to fill in those gaps by utilizing technology, so these major issues don't happen again. AI (Artificial Intelligence) is a promising technology that can make supply chains more resilient.

In the past five months, Flock Safety cameras have allowed Yakima-area law enforcement officers to arrest an accused kidnapper and child molester, identify a fatal hit-and-run suspect and recover a record number of stolen vehicles. "It's one officer that never sleeps," Yakima Police Capt. "Most of our criminals move throughout the area in a vehicle and this will limit that ability." Flock cameras have helped police recover 37 stolen vehicles, arrest 28 violent persons, serve 19 warrants and locate 16 missing persons -- just in the last month. According to the Yakima Police Department's transparency portal, they have 33 automated license plate recognition cameras placed across the city -- all enabled with artificial intelligence that's helping agencies across the county solve crimes.

As the mayhem at ports persists with no end in sight, a troubling realization is sinking in: This chaos will not subside with time alone, and the impacts of the "Great Supply Chain Disruption" are being felt across the country. For example, about 30% of baby formula brands could be sold out soon, causing retailers to ration how many containers customers can buy and leaving parents worried that they won't have enough food to feed their babies. Infrastructure and a lack of truck drivers are often blamed. U.S. trucking companies experienced a record deficit of 80,000 drivers in 2021. It's a logical explanation because truck drivers move a considerable portion of American freight.

Artificial intelligence is another area of technology investment that holds potential, and early results are promising.

The massive CES technology show will go on this week in Las Vegas but the annual summit, like many other recent events, is being hindered by COVID-19. The Consumer Technology Association (CTA), which runs the CES, had planned for a hybrid event to run Jan. That's a step forward from last year's CES, which was conducted completely online during the coronavirus shutdown as vaccines were just being deployed. However, in the days leading up to this year's conference some big name exhibitors have bowed out. And some media outlets have canceled plans to cover CES in person.

Artificial intelligence has made noticeable changes to technologies around the world. Perhaps AI's most notable potential, however, is its role in the supply chain industry. AI has changed the supply chain process from reactive to proactive, which creates a larger change in how data-driven processes will operate in the future. The true role of AI in the supply chain is to enhance and augment human intelligence and decision making. That is much different than what some people view as making human intelligence obsolete, according to experts at Supplyframe.

Editor's note: As consumers eager to get their hands on Apple's 10th anniversary phone line up online to be among the first to buy one, a few questions remain. Known as the iPhone X, the device starts at about US$1,000 and only gets more expensive from there. Some have warned that the high price tag will limit demand. John Jordan, an expert in supply chain management and information systems, believes answering that and other lingering questions requires a closer look at information economics, supply chain theory and encryption. Apple stores have become like meccas of consumerism and among most valuable retail spaces in the world.