- Data analysis and Analytics
Big data and big data analytics are among the technologies that have shaped different industries in this era. It has continued to become an asset in the supply chain as it provides businesses with the ability to come up with better products and services. With this technology, you can improve your operations, marketing and hiring and much more. If you are not using big data analytics to make your decisions, then you are missing out on big things such as targeted marketing occasioned by efficient internal and external evaluation. Furthermore, analytics allows you to monitor the performance of your employees, machines and assess vendors. All these help in streamlining operations from purchase of raw materials to the development and delivery of the final product.
- Immersive technologies
After years of all kinds of hype, immersive technologies such as augmented reality (AR) and virtual reality (VR) are finally here- and in a big way. With the coronavirus pandemic now affecting the movement of people across the world, we can now see the importance of immersive technologies. AR and VR can be used in areas such as maintenance, diagnostics, and in retail for customer engagement. According to Gartner, companies must be in a position to identify how immersive technologies can create an advantage to them and understand the technology well.
When blockchain is mentioned, many people tend to associate it with cryptocurrencies. Although this technology started as a way of decentralizing financial systems, it now has many other uses. In the supply chain, it has become one of the best methods to protect data and information from manipulation. It protects you from hackers and malicious individuals by requiring only people in the blockchain network to participate in a particular transaction. In the supply chain, blockchain allows companies to secure everything ranging from payments and contracts to invoices and tracking.
- Internet of Things (IoT)
The internet of things (IoT) has become one of the most promising technologies in the world today despite a lot of expectation that people had at first. Already, this technology has been applied in other industries such as aviation where sensors monitor performance and give notifications when there is a need for maintenance. Similarly, this technology is useful in supply chain’s transport and logistics as it can be used to monitor the condition of cargo on transit and vessels or vehicles.
- Artificial intelligence (AI)
AI can be used in the supply chain in many ways to enhance service provision and optimize supply chain processes. By capitalizing on artificial intelligence, processes such as customer support and others can be automated. Automation eliminates human error, builds an efficient organization and reduces operational cost in the long run by eliminating duplication and human labor. In collaboration with big data and analytics algorithms, AI can find patterns, identify problems, predict demands, optimize inventory and eliminate redundancies in an organization. This technology can also help predict problems in cargo and vessels or vehicles used in transportation, leading to timely intervention. As AI keeps improving, the supply chain will benefit from improved purchasing practices, lower inventory levels and operational effectiveness.