The supply chain is facing disruptions and hurdles from multiple sources, including labor shortages, limited or scarce resources, and increased consumer demands. Digitization of the supply chain brings all parties together to create a smoother and more efficient process.
Like other industries, logistics is poised for a shakeup from digital transformation. Supply Chain 4.0 leverages technology like big data and analytics, the Internet of Things (IoT), robotics, and automation to overcome the obstacles and create a more efficient overall process. With the right technology implementation, supply chains can better serve customers while satisfying their own needs in the process.
Find out why digitization is so important to the future of supply chains and navigating this challenging and uncertain time.
The Future of Supply Chain Digitization
Supply chain digitization is a solution to the ongoing challenges and obstacles that are disrupting the global supply chain. As the industry faces increasing pressure, consumer demands, and widespread disruptions, these technologies ensure that logistics companies can streamline their processes and deliver better service to customers.
These are the priorities in the future of supply chains:
- Flexibility: Amid disruptions, flexibility is one of the most vital aspects of keeping a supply chain running smoothly. Technology for real-time planning and forecasting keeps logistics companies flexible as conditions and expectations change on a global scale. When the market pivots rapidly, agile companies with the right technology in place can weather the changes and keep the business moving forward.
- Speed: Consumers expect their goods delivered quickly, no matter where they’re coming from. With disruptions and congestion causing delays in major routes, this demand is more difficult for logistics companies to meet. Product distribution with forecasting and predictive analytics provides a comprehensive view of internal and external factors that can impact the supply chain, allowing logistics companies to adapt.
- Personalization: Consumer expectations and demands include an increased call for personalization and an improved experience. Companies can address this need with mass customization and microsegmentation to deliver what customers are looking for in granular clusters, rather than as a whole.
- Accuracy: Real-time, end-to-end transparency of the entire supply chain process is integral to effective supply chain management. Logistics companies need a comprehensive view of all business processes, including the location of goods and delivery vehicles. Technology solutions can ensure this level of accuracy in the entire supply chain.
- Efficiency: Automation is vital to supply chain efficiency. Automated solutions like self-driving trucks and robotics process automation streamline all aspects of the supply chain, reducing delays and freeing team members to focus on mission-critical tasks.
Visit the Insitute of Entrepreneurship Development (iED) to read the full article.