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How advanced analytics can address agricultural supply chain shocks | McKinsey
Source: mckinsey.com
Article summary:
1. Extreme weather and the COVID-19 pandemic have caused agricultural supply chain shocks, leading to food losses, price increases, labor shortages, and delays in food production.
2. Fertilizer prices have also increased due to these events, contributing to global food insecurity.
3. Companies can respond to these shocks by implementing a four-step approach involving data integration, simulation, optimization algorithms, and automation of the first three steps.
Article analysis:
The article is generally reliable and trustworthy as it provides evidence for its claims in the form of research studies and statistics from reputable sources such as the Food and Agriculture Organization of the United Nations (FAO). The article also presents both sides of the argument fairly by noting potential risks associated with extreme weather and pandemics on agricultural supply chains. However, there are some points that could be further explored or expanded upon. For example, while the article mentions labor shortages as a result of COVID-19, it does not provide any information on how this has impacted farmers or other stakeholders in the agricultural industry. Additionally, while the article discusses potential solutions for addressing supply chain shocks such as data integration and automation systems, it does not provide any information on how these solutions can be implemented or what challenges may arise when doing so. Finally, while the article mentions rising fertilizer prices as a contributing factor to global food insecurity, it does not explore any potential solutions for mitigating this issue.
Topics for further research:
Impact of COVID-19 on agricultural labor
Challenges of implementing data integration and automation systems in agricultural supply chains
Solutions for mitigating rising fertilizer prices
Strategies for addressing extreme weather in agricultural supply chains
Effects of pandemics on agricultural supply chains
Strategies for improving global food security