BASF confirmed as one of first companies to use Elementum’s Orchestration Platform
The Germany-based chemical company, BASF, has confirmed its one of the first companies to leverage its Orchestration Platform to bring the speed of now to supply chain through the help of Elementum.
Through increasing its global operations with unified data and orchestration capabilities, BASF will now have the capabilities to track products across the world.
By supporting global supply chains, the platform will assess potential problems, assess and prioritise challenges the teams should focus on.
In a press release, Frithjof Netzer, Chief Digital Officer of BASF said: “At BASF, we are embracing digital technologies to gain orchestration capabilities across our supply chain. We handle 6.5 million deliveries per year globally across all modes of transport.”
“With the help of Elementum's platform, we gain end-to-end transparency of shipment status and the ability to take action so that we can identify problems, mitigate risks, and better serve our customers.”
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The platform analyses more than 800,000 supply chain nodes, as well as seeing $600bn worth of goods through it and monitoring millions of shipments.
Nader Mikhail, CEO and founder of Elementum, stated: “The Elementum Orchestration Platform is the culmination of five intense years of efforts to modernize the global supply chain. Imagine orchestrating thousands of suppliers, factories, truck drivers, and distribution centers towards a common goal: getting products to customers quickly, consistently, and efficiently.”
“By organizing the world's supply chain data into the Product Graph, Elementum's platform alerts global companies before teams are stuck firefighting, and before customers raise issues that could have been avoided.”
IMF: Variants Can Still Hurt Manufacturing Recovery
After a year of on-and-off manufacturing in the US, UK, and the eurozone, demand for goods surged early last week. Factories set growth records in April and May, suppliers started to recover, and US crude hit its highest price point since pre-COVID. As vaccination efforts immunise much of the US and UK populations, manufacturers are now able to fully ramp up their supply chains. In fact, GDP growth could approach double-digits by 2022.
Now, the ISM productivity measure has surpassed the 50-point mark that separates industry expansion from contraction. Since U.S. president Biden passed his US$1.9tn stimulus package and the UK purchasing managers index (PMI) increased to 65.6, both sides of the Atlantic are facing a much-welcomed manufacturing recovery.
Lingering Concerns Over COVID
Even as Spain, France, Italy, and Germany race to catch up, and mining companies pushed the FTSE 100 index of list shares to a monthly high of 7,129, some say that UK and US markets still suffer from a lack of confidence in raw material supplies. Yes, the Dow Jones has made up its 19,173-point crash of March 2020, and MSCI’s global stock index is at an all-time high.
Yet manufacturers around the world realise that these wins will be short-lived until pandemic supply chain bottlenecks are solved. If we keep the status quo, consumers will pay the price. In April, inflation in Germany reached 2.4%, and across the EU’s 19 member countries, overall prices have increased at an unusual pace. Some ask: Is this true recovery?
IMF: Current Boom Could Falter
Even as Elon Musk tweeted about chip shortages forcing Tesla to raise its prices, UK mining demand skyrocketed; housing markets lifted; and the pound sterling gained value. The International Monetary Fund (IMF), however, cautioned that manufacturing recovery won’t last long if COVID mutates into forms our vaccinations can’t touch. Kristalina Georgieva, Washington’s IMF director, noted that fewer than 1% of African citizens have been vaccinated: “Worldwide access to vaccines offers the best hope for stopping the coronavirus pandemic, saving lives, and securing a broad-based economic recovery”.
Across the globe, manufacturing companies are keeping a watchful eye on new developments in the spread of COVID. Though US FDA officials don’t think we’ll have to “start at square one” with new vaccines, the March 2021 World Economic Outlook states that “high uncertainty” surrounds the projected 6% global growth. Continued manufacturing success will in large part depend on “the path of the pandemic, the effectiveness of policy support, and the evolution of financial conditions”.
Mathias Cormann, secretary-general of the Organisation for Economic Co-Operation and Development (OECD) concurred—without global immunisation, the estimated economic boom expected by 2025 could go kaput. “We need to...pursue an all-out effort to reach the entire world population”, Australia’s finance minister added. US$50bn to end COVID across the world, they imply, is a small investment to restart our economies.