How tech is currently being used to future proof the supply chain

In conversation with Prisila, Correspondent, Asia Business Outlook Magazine. Suren shares his views on what sort of strategies could Sri Lankan Apparel factories re look at attracting global brands/ customers to invest here in this Island Nation

Leaders need to keep an eye on the future while managing everyday challenges. How do you balance these competing demands as a chief executive?

Giving the liberty to the CEO’s/ senior leadership to make decisions for their own business units independently, but also being able to come together in volatile situations. Independence and empowerment. 

Focus - anchoring myself on ‘Why we exist’ (Our Purpose) and our Vision for the Future. This helps me drive decisions with clarity and speed. A day brings many projects and initiatives across my table, but when you are clear on where you are headed it makes managing priorities and decision making an easier process.

Clearly articulated strategy and performance tracking, enabling better expectation management.

What sort of strategies could Sri Lankan Apparel factories re look at attracting global brands/ customers to invest here in this Island Nation?

A key factor that enables competitive advantage for our industry is our people. It is our people that have underpinned the resilience of our industry and I am a firm believer in the importance of investing in the development and aspirations of our people. At MAS, this is a key priority.

Whilst we will always strive to create value through our differentiation-based value proposition as an industry, at the end of the day it is equally important that we remain price competitive to compete globally and attract global brands and investors to Sri Lanka. Hence it is crucial that we invest in product, process, technology & digital innovation (including automation) so that we can optimize the efficiency and effectiveness of our operations.

Last but most certainly not least, it is crucial that we truly transform ourselves to be more sustainable. As an industry, apparel is potentially the second largest polluter after oil and gas and therefor it is not just a business strategy but our duty to become more sustainable. At MAS we are proactively responding to this call through our ‘Plan for Change’ through which we will inspire sustainable change within our business, among our customers, people, communities, and planet.

It would be great to understand how tech is currently being used to futureproof the supply chain. Will AI change this/in what way?

Technology is changing the way we approach and manage supply chains. AI is one of the most promising technologies in this regard, as it can help us identify patterns, predict demand, and optimize the supply chain to reduce waste and improve efficiency. 

Technology is playing a crucial role in futureproofing the supply chain by enhancing efficiency, visibility, and resilience.

"Advanced predictive analytics techniques help forecast demand patterns, anticipate customer preferences, and optimize production and distribution schedules accordingly"

Big Data and Analytics: Advanced analytics tools are used to process large volumes of data collected from multiple sources. This helps in demand forecasting, optimizing inventory levels, identifying supply chain bottlenecks, and making data-driven decisions to improve overall efficiency.

Predictive Analytics and Forecasting: Advanced predictive analytics techniques help forecast demand patterns, anticipate customer preferences, and optimize production and distribution schedules accordingly. This minimizes stockouts, reduces excess inventory, and enhances customer satisfaction.

Will AI change this/in what way?

Artificial Intelligence (AI): AI-powered technologies, such as machine learning and natural language processing, are employed to automate and optimize supply chain processes. AI algorithms can analyze vast amounts of data to identify patterns, detect anomalies, predict disruptions, and optimize routes and schedules, resulting in improved operational efficiency.