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From product development to sale, organizations need to pay attention to streamline internal activities for creating an impact on the bottom line of an organization. In this fast-paced digital world, enterprises are in the obsession to revise supply chain technologies and services with a focus on proper business strategies. This aids enterprises to gain competitive advantages in the market and to provide expeditious service to the customers. The revised technologies can enhance the speed and resilience of internal and external supply chain operations. This, in turn, can strengthen customer relationship; hence it leads to increased revenue flow. Let us look for a few key supply chain technological trends, which redefine the current practices of an enterprise.
Blockchain: High-level traceability - the most significant need of supply chain industry; blockchain will assist the state with minimal involvement of middleman. The reason for the delay of product shipment will be recorded on the blockchain; managers can easily track the status of the product in real time. Also, smart contracts – one of the applications of blockchain have built-in automation. This aids to ease transaction and payment management for supply shipment.
IoT: In the supply chain industry, Internet of Things (IoT) acts as a profoundly revolutionary technological solution. When it comes to asset tracking, the most common method includes bar codes and sequence number will be used. The IoT camera and sensor can aid supply managers in finding granular data on product and location at any point.
RPA: RPA (Robotic Process Automation), software robots backed with cognitive potential, and high-level ML capabilities open up a host of opportunities for the supply chain industry. Hence, RPA products may help supply chain companies to automate office tasks that allow employees to focus on complex matters.
AI: Artificial Intelligence (AI) brings vast potential applications in the supply chain. Chatbots is named as one of the most incredible applications of AI. This can handle all kind of paperwork with high accuracy, speed, and efficiency.
Wearables: Wearables offer a great opportunity to transform the business aspects of the supply chain industry. Product downtime causes revenue loss for organizations. With the use of wearables, the product inspector may able to dimish these losses. AR (Augmented Reality) glasses promise in helping inspectors to detect glitches.