With the mounting challenges brought about by the rising customer demands and complexity of the work environment, companies are always looking for ways to improve their operations and deliver the best service. Technology is one thing that promises to transform different industries and facilitate innovation. Supply chain is one of the industries that have benefited immensely from technology. Here are some of the technologies that you can make use of if you are to be competitive:

Without capitalizing on modern technology, the supply chain is inefficient and a company unable to compete favorably. It can even be worse with rising consumer demands and expectations. With increased awareness among the consumers, there is demand for faster turnarounds. As such, the industry requires Artificial Intelligence (AI) to improve visibility and facilitate efficiency. AI is changing various things in the supply chain.

Last week Walmart opened its first AI-powered store in Levittown, New York. Called the Intelligent Retail Lab or, IRL; the store is the first of its kind. Exploring how AI technology can help stores like Walmart with everyday tasks like restocking; the IRL will monitor and track data that will give engineers the statistics they need to improve every facet of the store.

In the past decade, Artificial Intelligence (AI) has come out as something that people use almost every day without even realizing it. Apart from powering a huge number of applications and other digital devices, this technology stands to benefit all industries including supply chain. In fact, many companies have already started benefiting from investing in AI. A report by State of Artificial Intelligence for Enterprises shows that supply chain is one of those areas which will significantly benefit from AI. On the other hand, PwC states that AI could inject up to $15.7 trillion to the global economy by 2030.