Supply chain is getting more and more intelligent today.
FREMONT, CA: Today, the supply chain industry is in the period of rapid transformation. With increased globalization and rising product complexity with intensified customer demands, companies are utilizing new and advanced technologies to transform the supply chain from a pure operations hub into the pivot of business innovation. By utilizing sensors and ever-improving internet connectivity, progressive companies are collecting data at every checkpoint, from the places of raw materials to the location of finished goods.
Technologies such as machine learning, artificial intelligence, and advanced analytics help manage automation and deliver insights that foster efficiencies, from making immediate route changes to facilitating product delivery or changing out materials to get the benefit of better pricing.
Having these advanced technologies in the arsenal of the supply chain, many companies are using the internet of things to offer predictive maintenance services that guarantee product uptime while generating recurring revenue. Now, we can have a concise look at these technologies below:
It is clear that this technology is exhibiting no signs of slowing down. Companies are digitizing more than ever before and are harnessing technology in a bid to increase efficiency. With cybersecurity becoming a serious concern for the businesses, Artificial intelligence can be utilized as a shield to guard against the threat. Processes have become more advanced, leading to the continuous growth of the strength of Artificial intelligence.
Supply chain enterprises have a plethora of information at their fingertips. By accurately using big data, which will help the companies in understanding their customers better, they can gather vital business intelligence from it.
The internet of things
IoT devices have transformed supply chain management. It is a lot easier to understand where the goods are heading, how they are being stored, and when they can be expected at a specific location. The IoT devices authenticate the location of goods at any time. It also tracks the speed of movement and the anticipated time of when the goods will arrive. Moreover, IoT devices monitor storage conditions of raw materials and products.
Multi-party networks enable collaborative planning and execution across multiple tiers in the operational infrastructure of the supply chain. These networks add visibility and collaboration outside the enterprise, and hence, they have come to prominence.
Robots and Automation
Robots in supply chain work to move goods and materials throughout a warehouse, during transport, and for fulfilling the orders as well.