Are you finding ways to make your supply chain more flexible, faster, more accurate, and efficient? Then, a one-stop solution for your business is a next-generation supply chain system – the supply chain 4.0.
It is the application of advanced robotics, artificial intelligence (AI), advanced analytics, and the internet of things (IoT) in supply chain management processes. It helps you automate everything, place real-time tracking sensors, create a vast network, and analyze critical information to improve customer satisfaction and business performance.
Over the last two decades, the supply chain has undergone a tremendous change: from purely logistics operations focusing on production lines and deliveries to an independent supply chain management system. Today, the supply chain functions have shifted to advanced planning and analytics processes to ensure integrated supply chain operations from customers to suppliers.
Technologies shaping next-generation supply chains
Various new-age technologies have emerged and altered the conventional ways of working in the supply chain. On top of this, changing customers’ expectations have changed the game. So, besides the need to adopt supply chain 4.0, businesses are also keen to reach new horizons of operational effectiveness and transform the company into a digital supply chain system.
Artificial intelligence (AI) and cloud computing
Big data and AI technologies are turning data challenges into opportunities. The utilization of a new-age supply chain management system helps respond to supply chain challenges in real-time. With predictive analytics and cloud technology, past trends and market indicators can be used to facilitate:
- Informing the selection of suppliers
- Powering the process automation
- Improving customer support
- Analyzing the performance of the carrier
- Streamlining the onboarding of suppliers
- Anticipating operational issues
- Providing real-time status of shipments
Robotic process automation (RPA)
Robots have become one of the hottest trends in the industry, particularly in supply chain operations, because it includes high-risk and lower-value tasks. With the massive growth of e-commerce, the logistics world has changed like never before. Robotic technology applications like drones, last-mile deliveries, real-time storage, and retrieval systems are used in supply chain businesses to achieve:
- Improve the safety of employees
- Increase productivity and efficiency
- Perform routine tasks to ensure that humans are involved in more strategic efforts
- Reduce risk and re-work rates
- Increase business revenue by improving the delivery speed, fulfillment of orders, and satisfying maximum customers.
Internet of Things (IoT)
IoT comprises interconnected physical devices that collect, analyze, and send data to cloud-based applications. There are many ways in which IoT has improved the quality management in supply chains, such as GPS tracking of shipments and monitoring of shipment conditions. Physical devices like mobile sensors, smart devices, and RFID chips help track and authenticate products measure temperature and other environmental factors of shipments. Adopting these emerging solutions will help supply chain businesses to navigate this decade and beyond with greater business performance.
Transform into a digital supply chain business today
Now when you know the benefits of the next-generation supply chain, it is time to adopt an intelligent digital supply chain solution that helps in your transformation process.
Get started with this six-step process:
- Identify the right opportunity – What is the potential business value?
- Infrastructure assessment – What is the current infrastructure and portfolio of applications that can support the next-generation supply chain system?
- Data construction – What are the data requirements to enable the solution?
- Digitization and connect the assets – Where can the assets be digitized, and how to connect them?
- Generate insights – Which data need to be extracted to identify the insights and address issues?
- Take action – What actions need to be taken to drive business value?
The key is to break away from the conventional mindset around infrastructure and regulations. They need to identify and prioritize the projects with “proof of value” where the digital transformation initiatives can provide tangible returns on investment.
Talk to our experts to learn how an intelligent supply chain solution can transform your organization into a digital supply chain business.