The supply chain industry is booming as it should due to rapid globalization, increased demand, and the complexity that demand brings. So the only way to cater to such high demand and stay at the top of the game is to implement new technologies to help evolve your supply chain activities.
Data is at the heart of everything in this digital era, and the multinational companies that have invested in the supply chain business are collecting data at every touchpoint. It is then utilized to understand where they can optimize their supply chain activities to be efficient.
So let's see the most modern technologies the fast-forward thinking companies use to stay ahead of the game.
3 Supply Chain Technologies You Want To Check Out At The Earliest
Blockchain technology is usually associated with cryptocurrencies, but when implemented in your supply chain business, it can bring much more clarity and transparency to all processes.
Blockchain makes things transparent and well-evident, and this data is non-erasable. So it brings the opportunity to establish trust between the parties involved in the whole supply chain process, from the supplier to the endpoint collector.
The digital trail produced when you delve into the blockchain world is far more substantial and evident than the usual digital trails, like email activity. Blockchain technology can be implemented to record the custody of goods. No matter where the goods are, they're always on the digital system and can be easily tracked.
- Data Analytics and Machine Learning
When it's a supply chain business, you will have vast data piling up. You will need to learn how to use that treasure of information. Well, with the right combination of data analytics and machine learning along with artificial intelligence, you can discover the pattern hidden in those cluttered data and put it to use.
When you analyze those data, you discover a pattern or link to predictable events in your daily supply chain processes. You can act upon those data to improve or fast-track the delivery process, predict some events that might even delay the delivery process, and take measures ahead. It could be regarding your inventory, delivery methods, delivery timings, or related resource sourcing. Whatever you find is yours to keep.
The data equips you with knowledge of what's ahead. This valuable data can only be recovered by analyzing the whole supply chain activities and inventory.
- 3D printing
3D printing is much more accessible and cheaper than you think, as the technology in this field has rapidly progressed.
Everyone wants customized products these days. But what does that mean for the supply chain industry? You will have to be in solid contact with the suppliers to get the right things at the right time. But this might involve logistics, delays, and whatnot.
It is when the power of 3D printing comes into play. You can easily make the required parts in a facility adjacent to the warehouse.
You meet the demand on time, dispatch the items as soon as they enter the warehouse, and cut down on the logistics cost of sourcing the raw/required materials.
Don't worry about the setting-up cost. The materials required to set up your 3D printing station have reduced drastically over the years as new technologies started appearing in the field. The materials and hardware are somewhat affordable now, and it becomes more affordable when you consider the demand you will be able to meet with this technology.