The retail industry has been going through a raft of significant changes since the last decade. These changes have been occasioned by the increased internet access and the rise of artificial intelligence, virtual reality and robotics, all of which have proven helpful in many industries. As we move into the future, many technologies keep coming up and the industry will no doubt be revolutionized for the better. The changes will, without doubt, change retail as we know it to a completely different one going forward and you can expect these changes starting now.

3D printing technology has been in use in prototyping for years, but it is now making way into production process as well. Since supply chain management is a constant act of juggling that entails trying to balance the overall inventory and its availability and the changing demands, it is always hard to manage it without some form of innovation or help. However, if you think that this is difficult, wait until you encounter the challenge of managing spare parts. It is hard to anticipate when breakdowns will occur and when new spare parts will be needed.

Over the past few years, the terms big data and big data analytics have become common keywords in almost every industry. However, we have now come of age and these terms are being put into action to solve different real-life problems. In the procurement and supply chain industry, big data has become critical, considering the complex nature of the industry.