Supply Chain Industry across the world moved up into the Digital era and has been on the top management agenda to increase the efficiency of the value chain and thereby gain a competitive advantage. Fueled with the Industrial Revolution 4.0, SCM foresees to use its holistic approaches such as interconnectivity, automation, machine learning, and real-time data.
3 Key trends of Supply Chain in 2020
Other Supply Chain 2020 Trends that you need to know
1. Revolution of Elastic Logistics
Supply Chain expects to be moving into a more agile and flexible logistics to streamline the entire supply chain. It helps to enhance customer experience, adding real-time visibility, connecting all business processes, and providing agility and scalability.
2. Green Supply Chain
More companies will adopt green logistics to reduce their carbon footprint. Expect the rise of Eco-friendly warehouses in monitoring the usage of electricity, heat, water, and gas all over facilities.
3. More Supply Chain Integrations
More components to deliver a seamless supply chain this year and beyond. Most companies will be more determined to make partnerships and build integrations with third parties. The ongoing evolution of e-commerce, for instance, pushes companies to tie up with 3PL and 3PL-based technologies. 3PL-based technologies can integrate multiple management systems via API and the cloud.
4. Adaptation to IoT (Internet of things)
IoT (Internet of Things) technology will be adopted by the industry to enhance supply chain visibility. For example-airplanes, trucks, and other modes of transportation can be fitted with sensors, providing live tracking updates on shipping and delivery. IoT technology helps the industry to increase the transparency of the Supply Chain.
5. Automation through AI (Artificial Intelligence)
Artificial Intelligence plays a major role in making supply chain structured. AI can be used to automate procedures using algorithms based on data from previous processes. Automation makes the industry more efficient by eliminating human errors and even predict market demands.
Supply Chain Management is embracing technology-it gives businesses new ways to streamline operations while making sure it's in good shape. Be one step ahead of the game and ensure a minimal effect of digitization on your business.
Source: Finance Online, Supply Chain Digest