Digital trends that are shaping the supply chain processes
The supply chain process is constantly evolving and has witnessed a major transformation in the past decade. Supply chains have become more globalized with raw materials being procured in one part of the world, assembled in another, and the final product delivered to a completely different region. This has led to an increase in business opportunities but has also given rise to certain issues that need to be addressed to streamline supply chain management. Some of the issues currently faced by supply chain systems include traceability, counterfeiting, and efficiency. Businesses are leveraging technologies such as artificial intelligence, blockchain, and IoT to streamline the supply chain process. Here’s a look at 5 digital trends that are shaping the supply chain process.
Artificial intelligence is the most prominent technology shaping the next generation of supply chain processes. AI solutions can help automate multiple processes in the supply chain network. It can be leveraged for predictive maintenance, demand forecasting, and production planning. Artificial intelligence can be deployed in various forms in the supply chain such as chatbots to handle customer queries, AI robots for warehouse management, and AI drones for product delivery. Thus, artificial intelligence can help businesses in every stage of the supply chain. Artificial intelligence is likely to manage most, if not all, stages in the supply chain network in the near future. Crave’s artificial intelligence solution for equipment maintenance can help transform reactive maintenance procedures into predictive ones. It can ensure timely, consistent, and optimum preventive maintenance activities for each asset
Blockchain and supply chain make a perfect match. Blockchain brings trust and transparency between all the parties involved in the supply chain network. Blockchain makes it easier to track transactions in the supply chain due to the decentralized transparent ledger capabilities of the technology. This can significantly reduce the financial disputes occurring between multiple parties as the supply chain keeps ever-increasing. Smart contracts, too, can simplify the supply chain processes by eliminating middlemen involved in the system. Blockchain enables transparent ‘smart contracts’ between the parties involved in a transparent ledger. This can reduce operating costs for businesses and instances of disputes, thereby increasing the efficiency and productivity of businesses and ultimately the financial prospects of the parties involved.
IoT can prove to be one of the most important technological solutions for supply chain processes. It not only provides great earning opportunities but also increases transparency in the supply chain. IoT can be used for asset tracking with the help of sensors and cameras at every stage in the supply chain. This helps businesses have the accountability of their products right from the manufacturing stage to the consumption stage. Thus, companies can have a stronghold on the supply chain process resulting in faster deliveries without compromising on the quality of the product and ultimately improve the customer experience. Crave’s cTruck Loading can provide every stakeholder a real-time view of the truck location by capturing information electronically. The signature capture function assures general compliance and quality control while reducing paperwork by enabling employees to upload approved invoices immediately.
A digital twin is basically a representation of a real-world system in a digital form. The digital twin consists of sensors that can collect data from the real-world and create a computerized version of it. In short, a digital twin is the amalgamation of IoT and modeling. A digital twin allows companies to have access to data in real-time and assists businesses in better decision-making. It enables the supply network to run a digital version of the physical entities and financial targets. Companies can then identify, diagnose and remove potential hurdles in the supply chain process. Crave’s plant monitoring application can create a digital twin of all the assets of the business and provide CXO’s and other higher executives have complete information about them.
Robotic Process Automation
Robotic Process Automation opens up a whole world of opportunities for supply chain systems. Armed with machine learning and cognitive computing capabilities, RPA can be leveraged to automate processes in the supply chain. RPA can replace human resources to carry out the repetitive, mundane, and time-consuming tasks plaguing the supply chain system. Companies can allocate RPA to tasks involving order processing, transactional processes, emailing, and reporting tasks. The human resources saved can be utilized for other important tasks. RPA tools can thus help businesses become more efficient, productive, help cut costs, and speed up repetitive processes.
Crave InfoTech’s solutions like cTruck Loading and plant monitoring can help transform your supply chain process and gain control over it. You can contact us to know how your businesses can leverage these solutions.