Trends that will shape the Future of Supply Chain Management
Future of supply chain management depends on how we as logistics companies keep pace with the changing technological advancement and keep it evolving and growing.
It is not easy but one cannot ignore it if one need to see success in the business.
Here are six supply chain technology trends that your organisation should try to get ahead.
Supply Chain Digitization
In today’s digital world, everything is digitized. Logistics experts believe that effective digitization can make your entire supply chain more streamlined, mobile, and dynamic. All of these are highly beneficial for your organization’s bottom line.
To make it work, one needs to find the right kind of technology that meets an organization’s needs, needs to implement correctly, and work out any internal difficulties.
The Internet of Things
The Internet of Things (IoT), with its increasingly diverse application, plays a major role in the supply chain. IOT is a network of physical objects that, powered by sensors and software, are connected to the internet. If the figures are true then most likely in the short years, more than 50% of large companies could be using IOT and other advanced technology to support supply chain operations.
Risk management is important when it comes to supply chain. You cannot predict the future like the occurrence of a pandemic but you can control how your supply chain prepares for and responds to these threats.
So planning is important. If you source your material from a disrupted location, you can plan another geographic area that is more stable.
Immersive Experience and Applications
Immersive experience technologies consist of anything that allows the user to experience and interact with a new or augmented reality (AR). This includes head-mounted displays (HMDs), wearables, smart glasses, AI, and 5G.
Immersive applications provide many benefits in the manufacturing and supply chain industry. For example, AR can provide real-time information on machinery malfunctions and maintenance problems, issue safety warnings, and deliver training to employees in a safe and controlled environment.
Edge ecosystems are comprised of both edge computing and edge data processing applications.
These ecosystems can revolutionize how data is processed, putting computation, data storage, and power as close as possible to point of action or occurrence. For supply chain professionals, this can extend the reach and visibility of their supply chains, enable in-depth data analysis, and facilitate speedier response and decision-making times.
Embedded AI and Analytics
Embedded AI sees the application of machine and deep learning into software at the device level, which is then programmed to provide predictive and reactive intelligence to the data that is collected and analyzed.Back To Blogs