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The Supply Chain is Changing - Are You Ready? Featured

The Supply Chain is Changing - Are You Ready? "Relay runner"

Supply chains are a lifeline to your businesses. Therefore, just like any other thing that people depend on, they are prone to changes. In supply chain, technological integration and digitization are some of the aspects that have been acquired substantially, leading to notable changes. More and more competitors benefit from the ever-increasing efficiencies that are enabled by the processes of automation. Since March, we have seen the impact of the coronavirus pandemic and how it has impacted the supply chain. As people started buying and hoarding essential goods in bulk, supply chains struggled to keep up with rapid changes. The pandemic is expected to change the supply chain industry for good, and some of these changes might be irreversible. The question is, are you ready? Here are some of the supply chain trends that you should expect from now going forward.

  • Analytics and analysis

 Big data and analytics has become one of the leading areas of interest for supply chain today, and it will continue being so. The data that businesses receive from the customers and from daily transactions provide you with the ability to improve on products and services. It also enhances operations, hiring practices, building better marketing campaigns, and others. As a company in the supply chain sector, analytics will help you streamline your operations from purchasing of raw materials to the delivery of the final products to the customer.

  • Apps will transform supply chain

Applications have enhanced many industries and how they do their work. The same is expected to be the case for supply chain industry. The use of apps is transforming business practices by providing business owners and users with the ability to access real-time information to prevent delays and losses. It enables transparency by allowing customers to view products from every level of the supply chain with regard to the status of the products from origin to destination.

  • Artificial intelligence (AI)

AI has become one of the leading technologies being adopted in supply chain today. This is expected to be the case for foreseeable future as companies seek ways of optimizing supply chain. AI will help supply chain reduce or eliminate human error, create efficiency and reduce the cost of operation by automating tasks. AI has the ability to notice patterns and use them to eliminate redundancies, predict customer demands and optimize inventory management.

  • Blockchain will play a critical role in supply chain

Blockchain is a game-changer in supply chain today. It has become one of the best methods of protecting data and information from manipulation or editing. This technology is protecting data from hackers and malicious individuals who might want to carry out espionage activities. Blockchain allows only those permitted in a network to access information, therefore adding another layer of protection. The adoption of blockchain technology allows companies to securely manage invoices and payments in one platform and can also ensure safety of products in transit.

  • Internet of Things (IoT)

When talking about blockchain technology and its use in supply chain, it is hard not to talk about the internet of things. IoT, just like blockchain is the future of information technology and supply chain in particular that cannot be ignored. This technology, altered it has not completely made its way in supply chain processes will be used in a variety of ways. Some of these ways include real-time tracking, demand management, and checking the state of products that are in transit. IoT can be used in manufacturing and logistics processes, managing demand, preventive maintenance and sourcing applications. This will minimize downtimes, ease management of customer behavior and managing demands of the customer.

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Scott Koegler

Scott Koegler is Executive Editor for PMG360. He is a technology writer and editor with 20+ years experience delivering high value content to readers and publishers. 

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