Top Supply Chain Technology Trends You Need to Explore
With the evolution of technology, business scenarios have changed. It has also taken a huge place in supply chain management. This relationship between technology and the supply chain helps to support market growth.
It’s also bringing a change in the way businesses to operate. Employees, companies, and consumers are all receiving the benefits of new technologies. As a result, many organizations are investing their time and money in their adoption of supply chain management.
Here’s a look at some of the technological trends that will play a big role in the way supply chain organizations work.
No industry is left untouched by artificial intelligence. In the supply chain industry, AI, along with machine learning, is making businesses proactive in the case of changing product demands.
According to research by Gartner, it’s expected that half of the world’s supply chain organizations will invest in AI by 2024 to improve their functioning.
The best supply chain software powered by AI will provide real-time insights into supply chain visibility. Moreover, it helps in analyzing the accurate demand for the product and predicting its future possibilities.
Companies are also streamlining supply chain operations and automating processes with the help of AI.
Accenture has found that cloud technology is being used by 42% of supply chain executives. Around 93% of executives want 50% or more of the business to be on the cloud in the next three years. Cloud computing, when coupled with AI, advances the functioning of the supply chain at every stage – planning, sourcing, manufacturing, logistics, distribution, and more.
Robotic Process Automation (RPA)
During the pandemic, RPA gained a lot of growth, and now it’s used in supply chain software too. This is boosting efficiency and productivity with the delivery of automated vehicles.
In addition, there are certain tasks that the employees find time-consuming and boring. Such tasks can be handled better with RPA. Not only that, RPA is also helping with revenue increase by fulfilling customer orders faster than usual.
Internet of Things
The Internet of Things has a broad use in the supply chain industry. It assists in tracking the assets to make an informed decision. This has also resulted in an improvement in supply chain quality management using GPS tracking.
RFID chips, mobile devices, and sensors are helpful in tracking and authentication of products. They can keep the shipment smooth by measuring some factors like temperature, light levels, movement, handling, etc.
Digital Twin Model Builders
A digital twin in a supply chain contains the virtual simulation of the supply chain for getting information about supply chain dynamics. It assists the analysts in diving deeper into supply chain patterns, forecasting unforeseen situations, and developing a plan to keep costs low and make business processes efficient.
Digital twin models can sometimes determine the relationship between changing demand of a product supply chain location and the supporting system. It uses real-time data to create a proper plan of transportation.
All these technological trends are making supply chain management intelligent and scalable. Eventually, they will foster enhanced visibility of the processes and establish resilience and agility. Your business would be able to use the data smartly and pace up the end product delivery.
If you are also running a business, then employ these trends to boost productivity and create a better customer experience. Are you confused about which supply chain software to choose? Try the GEP supply chain software because it has every feature that a business needs.