The internet of things, blockchain, artificial intelligence and other developments are continuing to prove their value in business processes. By allowing businesses to create and use data in meaningful ways, these supply chain trends combined with investment in data integration are essential in order to digitally transform your business. Here are our top five ways to use technology to improve your business processes:
- Advanced Analytics: Advanced analytics will have a big impact. With the Internet of Things (IoT) becoming a catalyst for huge data collection, as well as dynamic sales data and applications to predict weather and shopping patterns, businesses will be able to better predict the future and make more educated and more profitable businesses decisions.
- Internet of Things: The IoT has yet been put to use in a complete end-to-end supply chain process when in fact it could be a major component of an agile and effective supply chain. IoT technology is applicable to supply chain visibility and reliability thanks to tracking devices, improved supply availability in regards to continuous communication, and improved customer service due to immediate feedback and personalized service.
- Digital Supply Chain Twin: What if you could clone your supply chain for testing and predictive purposes? With a Digital Supply Chain Twin you can do just that. Digital twin technology allows your business to recreate your supply chain and give insights into the relationships within it between such things as, your products and customers, markets and distribution centers/warehouses, finance and any other applications. A digital twin helps build confidence in your supply chain with end-to-end visibility and powerful decision making tools.
- Blockchain : A potential means to solving the long term problems of global and complex supply chains, current blockchain supply chain related solutions include middleware, database, verification, analytics, and security components. While there are still many kinks to work out when it comes to the large scale usage of blockchain technology in businesses, the potential for it to streamline and secure supply chain inner workings is definitely there.
- Artificial Intelligence: One of the ways a business can achieve supply chain automation is through the implementation and usage of Artificial Intelligence technology. AI solutions can help automate different aspects of the supply chain from demand forecasting, planning production and predicting maintenance through self-learning. AI solutions are also able to optimize delivery service capabilities through determining the best routes for delivery drivers.
All five of these supply chain technology trends have huge potential to create useful data. By investing in any of these technologies alongside data and/or ecosystem integration, digital transformation is fully achievable. Without a data integration plan alongside fancy supply chain technologies, there is no way for the data to be used to improve business processes.
Businesses that survive the high-tech era will know the importance of data from front end to back end and everywhere in between and have systems in place to use it effectively. If you have questions about any of these supply chain trends or what you can do to better integrate your business, contact one of our experts at ECS to see what solution could help you on your way.