Digital supply chain management offers an exciting opportunity for organizations to become demand-sensitive, and thereby customer-centric. Learn the key features that make this possible.
With Industry 4.0 and Business 4.0 being the buzzwords in enterprise digital transformation related discussions for over a year now, could Supply Chain 4.0 be far behind? Emerging disruptive technologies in the business space have seen numerous companies aggressively building their business strategies to include a unified and digitalized supply chain to edge out their competition. Whether in parts or at full throttle, integrating supply chain management software with advanced technologies like AI, machine learning, predictive analytics has been taken up by businesses, be it with complete knowhow or in a confused manner.
Let’s explore why it’s crucial to understand contemporary supply chain management in the digital context and the features that will impact its value to your business. Of course, before you take up digitizing your supply chain to make it a profitable venture, you need a thorough assessment of your organization’s state of readiness to go digital.
Technologies Driving Digital Supply Chain
Transformation of the traditional supply chain comes about with the integration of emerging technologies like blockchain, Internet of Things, robotic process automation, big data, artificial intelligence, and predictive analytics.
A digital supply chain management is an integrated ecosystem where barriers between processes are removed through innovations driven by digital technologies. Digitization aims to streamline suppliers’ capabilities, manufacturing process, warehouse management, logistics management which in turn helps in removing data silos, enhancing transparency, eliminating redundancies, automating tasks, enabling data-driven decisions, and predicting future trends, which all help to improve customer satisfaction.
Intelligent technologies can ensure interconnectedness between critical phases across the supply chain thereby bridging the knowledge gaps to make supply chain agile, connected, predictive, and smart.
To transform a traditional supply chain to a digital supply chain, an organization needs the strategic vision, committing to the continuous investment in digital technologies and effective change management to execute this digitization.
Characteristics of a Digital Supply Chain
Connected: A connected supply chain brings all the stakeholders from raw materials suppliers to the distributors of finished products to the customer-facing delivery agent together while enhancing transparency and preparedness for each partner in the system. Every cog in the supply chain wheel is well-connected entity of the system talking to others while sharing databases real-time visibility, actionable insights, and tangible benefits for all the stakeholders. This helps not only manufacturers but also vendors, and 3PL providers interfacing the customer. For example, blockchain imparts security, accuracy, trust, integration, seamlessness, and data integrity between stakeholders.
Predictive: A predictive supply chain relies on algorithms and past and present data and trends to predict future outcomes. Using AI and machine learning, it enables contextual decision-making, thus helping business owners proactive decisions. By connecting the dots between trends and patterns, it anticipates future trends and empowers businesses to prepare for future developments. Predictive capabilities help in maintenance of machines, ensuring quality, managing logistics by pre-empting overload periods like holidays and forecasting demand.
Intelligent: An intelligent supply chain automates routine tasks and uses robots to complete tasks with unprecedented speed and accuracy. Robotics process automation finds a place in factories, warehouses, and logistics where supply chain works with minimal human intervention. Further, using IoT, all the physical assets are connected to gain extended visibility, control, and simulation of operations to optimize decision-making under uncertainty.
Faster: With focused goal of maximizing customer satisfaction through speedy deliveries, proactive services, and an accurate demand forecast digital supply chain is bound to achieve targets faster. Data analytics and other technologies improve end-to-end competencies and collaboration between processes thus leading to speedier and thus to match the clock speed execution.
Get the Digital Supply Chain
Today, companies are assessing if their supply chain can support the dynamic and digital needs of their business and are exploring supply chain digitization to remove data silos and increase profit. They are aware that the future will witness a technology-powered supply chain across industries that would be purely customer-centric.
So, if you are ready for a digital walkthrough, supply chain experts at Katalyst Technologies can help you in aligning your supply chain model with your business’s digital vision.
Source Link – https://katalysttech.blogspot.com/2019/12/digital-supply-chain-management-that-drive-business-growth.html
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