SCRS Conference Day 2 Session #10
How Big Data Can Help Manage Your Risks Across The Supply Chain Effectively
Moderated by: Mr. Danny Chan
Panelists: Mr. Björn Hartong, Mr. Richard Hancock, Mr. Kunal Bhogal
Data analytics and real-time monitoring are crucial in identifying potential risks to prevent disruptions in business and supply chains. By adopting big data analytics and simplifying data interpretation, organizations can gain valuable insights and apply them effectively. Leveraging big data can optimize supply chain operations and improve the entire ecosystem. Companies strategically plan cargo routes, avoiding high crime hotspots, by utilizing the right data. Data generation, assimilation, and consumption can drive actionable insights and aid in decision making if guided in the right direction.
Moderated by Mr. Danny Chan, Regional Security Officer at APAC, Mastercard, the panel experts explored key discussion areas to explain how big data is one of the essential factors to manage risks across the supply chain effectively.
What role do data analytics and real-time monitoring play in identifying potential risks in preventing disruptions to businesses and the supply chain?
Mr. Richard Hancock, Regional Director – APAC, CRISIS2, believed that the main advantage is to be able to analyze a vast amount of data. Real-time data monitoring and analytics offer the ability to enhance the level of knowledge significantly and assist in decision-making, especially when resources are limited.
“Data will give you insights as long as you know how to interpret the data. Data needs to be translated into simplified language which can easily understood and effectively executed,” Mr. Björn Hartong, the Global Head of RE Marine for Security & Supply Chain, Zurich Insurance, added. Mr. Kunal Bhogal, Chief Design Officer at IIRIS, pointed out that the sheer abundance of data does not equate to valuable knowledge. The key lies in effectively having the appropriate tools to transform this data into actionable intelligence and predictive intelligence, which will make the difference.
How can organizations harness data analytics and data intelligence to optimize their supply chain operation and improve overall business performance?
Richard suggested that instead of capturing everything indiscriminately, data collection should be aligned with the industry and business objectives to improve supply chain performance. The collected data needs to be analyzed where technology, such as AI, can assist. However, good analysts are still necessary to review and interpret the data. Ultimately, data is only meaningful if it is processed, understood and conclusions are drawn and focused toward what is desired to achieve.
How can organizations integrate data intelligence into their risk assessment process to identify patterns, trends, and potential vulnerabilities related to cargo crime?
Björn recommended that collecting useful data from various sources specifically related to logistics incidents, including industry data, can be translated into a risk-based approach for security systems. Since different regions have different requirements, the security solution for each location should be customized to its inherent risks. Additionally, collaborating with other departments within the company that can utilize the same data for different purposes, such as quality, brand protection and business continuity, can be very beneficial. Collecting and mining this data can enhance the overall company performance, leading to cost reduction.
How can predictive analytics and machine learning algorithms help organizations proactively identify potential risk vulnerabilities within the supply chains?
“Various segments in the e-tailing logistics industry have their own data variables, such as fixed assets, mobile assets, brand value, and the marketplace. Correlating these data should be done on a best-effort basis”, Kunal responded. For example, situational awareness can be achieved by monitoring social media platforms like Twitter and converting relevant information into actionable intelligence. Historical data can be utilized to predict and prepare for potential incidents, such as strikes, protests, traffic congestion, weather changes, or political unrest, which can have a negative impact on both the brand and operations. Having access to data not only allows for immediate actionable but also helps to prepare the steps for the future.
How can organizations communicate the value of data analytics, data intelligence and crime prevention to your key stakeholders?
Richard suggested that when discussing data, it is important to note that it does not always have to be numerical. Visual data can also play a significant role. A compelling example is the use of AI and CCTV footage to control access to a site to detect unusual behaviour and potential intrusions as data is not aligned with the AI. Björn added a case of implementing an intelligent supply chain for tracking and tracing goods globally that was initially denied, but later on accepted with the direct benefits to the finance department. He suggested working with other departments to highlight how data investment can benefit the company on multiple fronts. Another example by Kunal to showcase the value of data investment is to look into how incident response time is being reduced and the cost savings it translates to.
How can we better leverage big data to make our entire ecosystem better?
Richard underlined that companies could utilize the TAPA Intelligence System (TIS) tool to map cargo crime incidents across the world, mining incident data from law enforcement and global associations like Interpol. TIS allows companies to strategically plan their routes and avoid high crime hotspots, optimizing the movement of goods in the market. This demonstrates how companies leverage the benefits of accumulated incident data contributed by TAPA and law enforcement members to make the entire supply chain ecosystem more resilient. In agreement, Björn also emphasized the importance of data quality. The more accurate and comprehensive the data input, the more valuable the reported information and resulting insights become. Kunal highlighted that companies are facing overwhelming data at this juncture, and it becomes essential to focus on converting data into information to drive actionable insights and decision-making.
Concluding the panel, Danny emphasized that partnerships are important in terms of crisis and war, but partnership must be built in times of peace. “This is why we have forums like this (SCRS Conference) to align our thoughts and harmonize our responses. This convergence of knowledge by diversity of thought is important to avoid another echo chamber and to ensure clarity of thought.”
About the Moderator
Mr. Danny Chan Director, Regional Security Officer, Asia Pacific, Mastercard
Mr. Danny Chan developed, advised, and trained numerous law enforcement agencies and military tactical units worldwide with Britam Defense before serving Fortune 500 companies, Governments, and non-governmental organizations with Olive Group in austere environments on four continents. Danny became Director of Global Risk Assessments at Worldaware International Inc., providing operational intelligence and enterprise risk management solutions to 900 Fortune 2000 companies. Danny was a Senior Consultant, Security Monitoring and Response, Asia Pacific, Middle East, and Africa for Mastercard International Inc. before transitioning into his current Regional Security Officer role for Asia Pacific.
About the Panelists
Mr. Björn Hartong Global Head of RE Marine, Security & Supply Chain, Zurich Insurance Company Ltd
Mr. Bjorn Hartong is a dedicated senior professional with over 20 years of experience protecting company assets and proven contributions to organizational profitability. He is actively involved in supply chains of the largest hi-tech and theft-sensitive fast-moving consumer goods and tobacco and pharmaceutical companies globally on a global level for components and finished goods.
Mr. Richard Hancock Regional Director APAC, CRISIS24
Mr. Richard Hancock is Crisis24’s Crisis and Security Consulting APAC Regional Director. Richard has spent the last 34 years living and working in Asia Pacific and the Middle East as an Inspector in the Royal Hong Kong Police before transitioning to the private sector as a crisis and security risk management consultant. Richard has provided in-depth crisis risk mitigation and advisory services to governments, NGOs, and Fortune 500 companies, including crisis response, emergency planning, business continuity corporate security training, and team building. Richard has developed travel risk management programs and project-managed mass personnel evacuation cases across APAC and MEA for multinational corporations and NGOs.
Mr. Kunal Bhogal Chief Design Officer, IIRIS
With over 23 years of experience in high-technology environments, Mr. Kunal Bhogal specializes in enterprise risk management and asset protection, focusing on technology-based protective services, Cyber-Physical Security Design, Digital Transformation, and Automation technologies. Kunal is a qualified Industrial Security Management trainer & practitioner who advocates sustainable technologies and innovation strategies.
Watch other SCRS Conference 2023 Keynotes and panel discussions here: Session Replays