Technological Trends Shaping the Supply Chain Industry

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Decades-high inflation underpinned by war in Ukraine and enduring COVID policies China will look to favour growth as COVID policies create ongoing waves Central banks may tolerate slow growth in fight to tame inflation
Decades-high inflation underpinned by war in Ukraine and enduring COVID policies China will look to favour growth as COVID policies create ongoing waves Central banks may tolerate slow growth in fight to tame inflation

Many technological innovations are starting to change business practices for the better, including supply chains.

From enhanced software solutions and cloud-based artificial intelligence to the Internet of Things and robotics, the supply chain industry is benefitting from the latest technology trends. 

Let us explore the topic in more detail so you can be ready to adapt your business for the future. 

Supply Chain Visibility Software

One of the top technological trends that is shaping the supply chain industry right now is the use of supply chain visibility software that drives intelligence, such as that from RTSLabs.com.

Quite simply, by having greater visibility into your supply chain, you can track and monitor relevant data. In turn, you can use that data to make better business decisions. 

Using the latest software enables you to increase productivity and efficiency in every link of your supply chain. You can also use the insights to optimize inventory levels and reduce costs. 

Accessing, understanding, and interpreting data is becoming crucial to advanced and smooth supply chains, so do not be left behind.

Cloud Computing and Artificial Intelligence

Cloud-based artificial intelligence can help you gain even further insights into supply chain management.

AI in combination with cloud computing is currently transforming how supply chains operate and it is sure to evolve even more over the next decade. 

By using tools like predictive analytics, you can do things like analyze carrier performance, stay informed about supplier selection, and anticipate trends in operational issues. 

With a cloud-based AI solution, you can also automate information exchanges to build better and more transparent relationships with suppliers, manage your vendors down to each individual worker across different geographic locations, and assess knowledge retention via online evaluations.

Internet of Things

Asset tracking via the Internet of Things, which enables you to save both time and money, is an emerging technological trend within supply chain management. With the power of IoT, you can also make better decisions based on accurate data. 

IoT devices are improving the quality of supply chain management in many ways. For instance, supply chains can now track shipments through GPS to monitor things like the condition of packages. 

And RFID chips, which are mobile sensors used in mobile devices, cannot only track packages. They can also measure light levels, temperature, humidity, movement, and much more, for shipments.

If your company begins to adopt emerging technology solutions such as IoT tools and replaces legacy systems, you will be much better placed to navigate the changing world of supply chains over the next ten years or so with greater efficiency and insight.

Robotic Process Automation

In ten years, robots are going to be everywhere. 

Many companies throughout the different stages of supply chain operations will be using robotic process automation to increase efficiency and productivity. 

That includes robot technologies like drones, last-mile deliveries, and storage and retrieval systems.

By employing autonomous robots, which are evolving more quickly all the time, supply chains cannot only increase efficiency and productivity. They can also improve employee safety, reduce risks, and increase revenue due to improving delivery speed and order fulfillment, which in turn will lead to greater customer satisfaction.

Robots will also perform more tasks that human beings find mundane, thereby giving employees the chance to work in more strategic and interesting roles.

Robotics, coupled with supply chain visibility software, cloud-based artificial intelligence, and the Internet of Things, are already beginning to shape the supply chain industry. And they are sure to transform the industry even more in the coming years. 

So, if you want to stay ahead of the game and enhance your operational efficiency and productivity, you should start embracing new technological solutions today.