The Supply Chain industry is getting ready for a post-pandemic world, and businesses demand the benefits of digitalization to face globalization and consumer needs. Over the years, the highest achievement in Supply Chain was cost-cutting. But the market today requires a lot more than that. Aspects such as Efficiency, Reliability, sustainability and customer satisfaction must also be considered for successful Supply Chain Management. Like every other industry, Supply Chains implement the latest technologies to stay competitive.
Let’s review some of the technological progressions that supply chain partners have embraced to up their game.
Artificial Intelligence and Machine Learning
No industry is left untouched by Artificial Intelligence and Machine Learning, making them one of the most sought after technologies of today’s world. AI and Machine Learning create automated processes and procedures for Supply Chain Optimization. This helps in planning, forecasting, implementing and maintaining logistics without human intervention.
In addition, tracking and managing inventory data, intelligent decision-making, and supplier relationship management is also made simple with AI and ML inclusion. Thus, AI stands to be a game-changer in delivering the best supply chain service at all levels.
Immersive technologies include Virtual Reality, Augmented Reality, and Mixed Reality. These technologies broadly impact supply chain management by boosting all the experience that involves human. Enhancing customer experience, onboarding new employees and training them through the virtual environment are some of the highlights of Immersive technologies. They also help in warehouse management by repairing and maintaining all the warehouse related issues.
Blockchain technology is a secure ledger of business activities that can improve transparency, reliability and efficiency in supply chains. With its cryptocurrency ability, the blockchain assists companies to manage contracts & agreements and monitor financial transactions and products. For example, blockchains can track the movement of goods from one place to another by creating a unique ID and certificate number with minimal manual inputs. With improvements in the field, we can expect fully automated transport in the near future.
Internet of Things
Like AI and ML, IoT is also a technology that contributes to different industries through technological advancement. In today’s scenario, IoT helps in the end to end supply chain process. Implementing IoT increases visibility and connectivity while reducing costs substantially. IoT applications are used in smartwatches and mobile phones, enabling business owners to monitor and deliver the right solution without complication.
Warehouse and Logistics managers also benefit from IoT sensors and custom IoT solutions that help securely track inventory and equipment, automate the movement and improve overall efficiency.
Mobile Networks are an essential technology used in Supply Chain Management. 5G is a huge step forward because of its data speed and processing capabilities. Accessing and exchanging real-time data is quite tricky without an active network connection. 5G supports this process with low latency and high-speed data connectivity. This enhanced performance of 5G increases efficiency and other functions as most technologies depend on a strong data connection.
Supply-chain Management is in its transformative phase. Available and emerging solutions can transform the organization’s existing processes’ speed, flexibility, and efficiency and enable entirely new business models and service offerings. The challenges lie in understanding which solutions will work for them and implementing those solutions faster and more effectively than their competitors. Learn which technology could take your supply chain business to the next level by connecting with our experts at SRM Technologies.