…53
Optimizing Manufacturing Operations
and Managing Supply Chain Risk with
Monte Carlo Simulation
Abigail Jacobsen
For manufacturers…
…, COVID-19 revealed many vulnerabilities in today’s complex glob-
al supply chains. Lockdowns shut factories, border closures disrupted shipping
routes, and…
…further uncertainty and disruption to supply chains, with sanctions and ma-
terial shortages compounding the effect of conflict in central Europe.
“With…
…climate change and geopolitical tensions expected to impact food and cause
disruptions, now is the time for supply chain leaders to take initiative and be…
…creative
as to how they can invest and improve their operations,” said Dr. Madhav Durbha,
Vice President of Supply Chain Innovation at Coupa in a PR…
…Newswire article.1
93 % of supply chain executives surveyed by McKinsey in 2021 said they were plan-
ning to develop more agile and resilient supply…
…chains.2 A few steps that companies
have already taken include regionalizing supply lines, diversifying their suppliers, and
relocating production closer…
…to customer bases. It also means more attention to
operations risk management.
In the same McKinsey survey, 59 % of supply chain executives said…
…they had adopted
new risk analysis and management practices over the previous 12 months, while 63 %
of supply chain executives who responded to a…
…survey by EY published in January
2023 said they planned to invest in technology to improve the efficiency and resil-
iency of their supply chains.3 These…
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