With each passing day, technological progress is becoming more and more important as it affects every part of the company. In the case of supply chain management, new technologies and trends appear frequently. This is one of the main reasons why it is vital for companies to understand which trends exist, assess the potential benefits of evolving technologies, and prioritize the implementation of goals. With the advent of advanced analytics and technology, the supply chain is evolving perhaps more rapidly than ever before. Industries like retail are increasingly relying on advancements such as supply chain analytics to ensure a smooth flow of operations. The fact that you might hardly ever see an empty shelf in a retail store is proof enough. The insights gained from supply chain analytics go right to the heart of how a business performs. With time, supply chain analytics has been progressing and is now becoming more sophisticated. Here are some recent developments you need to know about:
Internet of Things (IoT)
Internet-connected sensors and devices have immense potential in supply chain analytics. Supply chain management works on the philosophy of getting the right products to the right customers at the right place and time. Earlier, organizations relied heavily on historical data in order to forecast their manufacturing schedule and quantity based on customer demand. Often, this method can prove to be inaccurate and expensive. With the advent of IoT in supply chain analytics, companies can use data collected in real-time from products equipped with IoT devices to predict failures more accurately.
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Recently, there has been a major evolution in supply chain management across organizations. These advancements have resulted in better supply chain visibility, efficiency, and profitability. In the coming years, the industry will continue moving to the end-to-end supply chain management model foundational to Industry 4.0. This will further ensure that entities at every level of the supply chain will have equal access to actionable, accurate data. Consequently, more number of organizations will be encouraged to adopt supply chain analytics to increase their profitability and promote improved decision-making.
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Big Data in the Supply Chain
Supply chain management generates a large amount of data on a daily basis. Interestingly, in most cases, companies are unsure of what to do with this data. But as the industry moves toward seamless integration of advanced supply chain analytics, it will be crucial to put all that data to work. By relying on big data solutions, companies will be able to make better use of the data in-hand and convert this big data into ‘smart data’. Smart data will help identify the business problem, determine the source of data to solve the problem, and then finally use it for gaining the desired solution.
Hybrid Supply Chain Strategy
Though initially, organizations started moving to a lean supply chain approach, the increasing complexity of the supply chain has prompted companies to gradually move to an agile approach. However, smart players are now adopting a hybrid supply chain management strategy. This will further facilitate better supply chain analytics as companies can now not only predict possible complications more accurately but also react to the unexpected more effectively.