Future Trends of Supply Chain Management

CIO Review Europe | Tuesday, December 01, 2020

Gone are the days of relying on physical products to differentiate your business. Transforming demand planning, demand management, and maximising your supply chain are ways to stand out from the competition and create previously unseen margins.

Fremont, CA: The supply chain is rarely a fixed system. Instead, it is an ever-changing ecosystem. A good supply chain often requires innovation. Supply chains are rarely fixed, especially since technology is a significant factor in supply chain management (SCM). Something in the chain is constantly being improved, improvised, or replaced. Supply chain management is about managing a product's lifecycle, from labour acquisition, raw material sourcing, and manufacturing to how the final product gets to the consumer or retailer and every corner in between. Every employee, truck, robotic arm, lumber shipment, uniform, maintenance cost, and warehouse—everything needed for the product manufacturing process is included in the supply chain.

Here are some of the trends that are shaping supply chain management.

Artificial Intelligence/Machine Learning

A growing practical use is utilising artificial intelligence (AI) platforms to analyse current processes. Bringing an AI platform into your business will still allow you to collect a lot of old, relevant data, as well as use real-time metrics. Dealing with all the numbers past and present in your business highlights the dark areas of inefficiency and shows you where to focus your time and money. Gone are the days of relying on physical products to differentiate your business. Transforming demand planning, demand management, and maximising your supply chain are ways to stand out from the competition and create previously unseen margins.

 Autonomous Trucking

Predicting the autonomous trucking industry has proven to be a risky endeavour. The ROI will be huge. However, this new supply chain technology is a slippery slope for investment as there is no schedule. But once that happens, the employee's business processes and the flow of goods that depend on logistics will no longer be profitable. Extensive testing, pre-planned routes, and security checks are all barriers to autonomous freight transport. 

Blockchain in Supply Chain Optimisation

Blockchain is a technological innovation that has been touted for years but has no real impact to share. It's still a long way off. The basic idea of ​​blockchain is to improve transparency and traceability between providers and to provide linked payments to partners after their role in the chain has been completed. The advantage lies in the fact that it is visible to all participants in the blockchain and eliminates suspicious dealers.

See Also:

Retail Business Review 

Business Management Review 

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