There are various technologies that have an effect on supply chains. Have you experienced using some of these useful tech at home or at work?
Supply Chain Technology Trends 2019-For businesses in every sector, effective supply chain management is essential to success. This is true for businesses involved in the production of consumer goods, those that sell them, and everyone in-between. That’s because making sure that everything from raw materials to finished goods gets to and from where they need to travel on time and on a budget is integral to running an efficient and profitable enterprise.
In recent years, there’s been plenty of refinements to the underlying theory of modern supply chain management, which is helping businesses to do more with less and operate just-in-time supply chains on a global scale. Those refinements, however, pale in comparison to the ways that advancing technology is promising to revolutionize everything about modern supply chains going forward.
To illustrate how many different types of technologies are having a profound effect on supply chains everywhere, industry analysts at Gartner have prepared a report detailing the eight major supply chain technology trends of 2019. Here’s what they are.
At their core, all supply chains involve hundreds or thousands of interactions and decision points that have the potential to slow down throughput up and down the chain. That’s why automation is expected to play such an important role in the supply chains of the future. To make that a reality, a whole new range of artificial intelligence (AI) platforms are being brought to bear on tasks ranging from determining optimal delivery routes to providing early warnings of equipment failure in the warehouse and last-mile operations. The latest systems aim to avert slowdowns and remove the lead-times associated with human analysis and decision making at every point of the supply chain process.
Internet of things
As the latest in 5G wireless networks start to come online, they’re going to enable supply chains to have unprecedented visibility into every phase of their operations by allowing far greater use of Internet of Things (IoT) technology. That means that devices involved in every aspect of operations will be connected to the internet and capable of delivering real-time data and diagnostic information to managers. That’s going to increase uptime, efficiency, and supply chain reliability in ways that today’s businesses can’t even fathom yet.
One of the benefits of all of the IoT technology that’s entering supply chain systems is the wealth of data that they provide to supply chain managers. Data, though, is useless if no actionable insight is gained from it. That’s why advanced data analytics are going to be an indispensable part of supply chains going forward, to assist with strategic planning, resource deployment, and asset management. Data analysis will identify new opportunities for efficiency and time savings, making tomorrow’s supply chains more agile and responsive to even momentary trends.
Robotic process automation
If there’s one thing that all supply chains have in common, it’s that they involve plenty of repetitive tasks and those tasks leave room for efficiency-sapping errors. Robotic process automation (RPA) promises to automate many of those repetitive tasks, taking on responsibility for invoice and purchase order creation, inventory management, and responses to RFPs. Also, RPA will generate even more data to feed data analytics operations, creating a constructive feedback loop to further enhance efficiency.