Our 2023 Supply Chain Technology Predictions
Supply chain organizations are increasingly required to adjust their technology investments to ensure resilience, agility, and intelligent operations. As a result, digital transformation is the top priority for SC IT budgets - 38% of which are allocated for maintaining existing systems. To bridge the gap between outdated systems and modern technology needs, companies are leveraging robotics to supplement their human workforce due to labor shortages and rising costs.
To benefit from technological innovation in the supply chain realm, leaders should evaluate potential use cases for smart robots depending on product parameters such as weight, dimensions, and order types, as well as work volume. Furthermore, they should prioritize AI/AA (advanced analytics/artificial intelligence) when investing in new applications. Modernizing across areas such as warehousing, transportation, or manufacturing can be achieved by adopting modular microservices with composability capabilities. Agile pilots can also be conducted to assess the potential of edge ecosystems while working towards improved end-to-end decision-making by recognizing that both control tower and digital supply chain twin initiatives must sync together in harmony.
Robotic process automation (RPA) is an emerging technology that has the potential to provide a competitive edge in the supply chain. It offers a way to automate tedious and repetitive tasks, thus freeing up employees to focus on higher-value activities. RPA can be used for processes such as inventory management, order processing, and document handling. Its ability to integrate with other systems can help minimize errors while streamlining end-to-end processes, further improving efficiency and productivity.
The introduction of 5G networks will enable companies to build upon existing wireless infrastructures, providing reliable connections between machines, people, and devices within supply chain ecosystems. By utilizing 5G’s low latency, and high bandwidth capabilities, companies can leverage data for real-time decision-making and predictive analytics, improving their ability to react quickly in dynamic situations. This technology can also be used for remote monitoring of assets in logistics networks or field service operations - such as drones for last-mile delivery - thus opening up new possibilities in digital transformation.
Aside from robotics and 5G technologies, the Internet of Things (IoT) has become a key element of the digital transformation of supply chains. By connecting physical assets with IT systems through sensors that gather data and store it in the cloud, IoT provides increased visibility across the entire value chain. This allows companies to gain more valuable insights into customer behavior and preferences to optimize product flows accordingly. Moreover, companies can take proactive measures during times of crisis using AI/ML models for demand forecasting – all enabled by this pervasive technology which allows them to trigger automated actions at scale in near real-time or even predictive mode when market conditions change rapidly.
Overall, these technological advancements allow supply chain organizations to accelerate their use of analytics for better decision-making; optimize their operations; increase agility; reduce cost; drive transparency; and achieve greater resilience while delivering exceptional experiences along their customer journey. Therefore, organizations must familiarize themselves with these innovations and explore how they can be leveraged to realize tangible business outcomes – now more than ever!
It is clear that technology can play a significant role in improving supply chain operations. With the right strategy and implementation, organizations can increase efficiency, reduce costs, drive transparency, and achieve greater resilience while delivering exceptional customer experiences. If you are looking to make use of robotics, 5G, or IoT technologies to improve your supply chain performance but don’t know where to start, Critical Risk Solution can help. Our team of experts has years of experience helping companies implement digital transformation strategies to maximize their business objectives – contact us today for more information!
