How is technology revolutionizing supply chain ?
An array of technological advancements with innovations seeping into the logistics industry has revolutionised the entire supply chain. Different technologies have evidently altered the operational processes and streamlined them like never before.
1.Internet of Things
The influx of highly efficient real-time data providers like the use of internet of things in the supply chain management process has drastically changed the planning window for the entire industry. Previously the planning bucket had yearly, half-yearly as well as quarterly management plans. With the advent of innovative real-time information providers, the conversation has shifted to weeks, days and soon to minutes.
The impact of AI has already started showing its effects on the supply chain as more and more companies are actively investing in such technology. There is a radical shift towards automation of processes in the supply chain, and AI is expected to ultimately revolutionise the accuracy and speed with which things work out.
There is a giant leap in the scale at which big data is now being used by companies to fine-tune their supply chains. Machine learning techniques are used for analysing these massive amounts of data which can provide insights which may as well be missed out by the human eye. It can highlight previously neglected or unseen areas of growth as well as pinpoint the inefficiencies in processes. Customer data analysis using technological tools can predict demands better and allow the business to adapt quickly to changing needs of their consumers.
Supply chain management is a process which is essential and foundational to every business. The intervention by technology can considerably reduce the time taken to complete a circle of services and thus advertently result in lower costs, higher profits and expansion of business growth.