Nowadays, businesses face lots of challenges. From meeting the rising demands of consumers, and the specialized requirements of exclusive products to a lingering public health crisis, there are ongoing complexities in the supply chain. To resolve these issues, businesses are seeking ways to get their hands on solutions for the supply chain to drive automation, reduce costs, collect data, and make a profit.
The primary function of the supply chain is to take goods from creation to delivery. However, every supply chain operates differently, with different efficiency and with different logistics software. In the whole process, your supply chain provides opportunities to improve efficiency, maximize savings, achieve innovations, boost profits, and enhance the customer experience.
Also, a company’s supply chain can account for a major share of its total spending. As it impacts every department, having an advantage in the supply chain can be the main factor that drives business results.
So, here are a few supply chain tools that can help your business to get a competitive advantage over others:
The Internet of Things (IoT)
There are numerous opportunities for sensors and connected “things,” with more than 26% annual growth in IoT spending projected beyond 2021. These opportunities include warehouse stations, finished goods, and shipping containers, to communicate data and deliver insights that can help in updating as well as transforming conventional efforts of the supply chain.
Moreover, the benefits that businesses get from the Internet of Things to get an edge over their competition are continuously growing. For instance, today, transportation companies and manufacturers prefer to imply IoT solutions to control their production as well as freight assets. Not to mention IoT helps in various transportation management solutions.
The access to monitor items through the logistics procedure helps in eliminating any lost and delayed shipments, and misplaced inventory, which decreases the revenue losses and other related risks. For instance, several connected devices can give access to logistics companies to track situations like weather or traffic conditions, location, and environmental conditions. It would be helpful for them to re-route shipments when required or dispatch help to prevent products from getting ruined.
With several solutions like AI, the cloud, warehouse solutions, and a warehouse management system (WMS), IoT devices can be wonderful tools.
If you’re not able to manage a large amount of data and insights produced by your supply chain, then don’t think that you have a competitive advantage over others. However, by getting help from artificial intelligence (AI), your business can easily handle its inventory. Moreover, it can speed up delivery times, automate warehouse operations, and optimize other areas of its logistics.
Earlier, one of the major issues with the supply chain was a lack of data. And, now there is way much data available. AI helps businesses to turn this massive amount of data into something meaningful.
Robotics and Automation
The use of robotics and automation in the supply chain isn’t something new to learn. But, only now these technology solutions are starting to become more sophisticated through the help of the application of IoT, AI, and a lot of mobile options.
Also, robotics and automation solutions help logistics operations to get on geat levels of efficiency, machines are assigned to complete various kinds of manual and repetitive tasks that humans used to do, it includes everything from picking and packing orders to loading and unloading shipments.
According to IDC reports, by 2023, 65% of warehouse activities will be using robotics and automation solutions, which will help in reducing work order processing drastically, and eliminate other issues in the supply chain. So, if you want your business to remain competitive, it should explore several automation solutions like RFID tags, and automated picking.
Today, new technologies are leading everything. Not to mention these developments will be drivers for change and growth for the businesses that are trying their best to remain competitive, so revisit your current strategy and imply these solutions as soon as possible.
To know more about the technology that can support your supply chain, register here!