In a dynamic and rapidly evolving market, product lifecycle management (PLM) is often the crucial tool that separates the winners from the also-rans. It empowers organizations to anticipate and respond to the inevitable gusts of change that regularly sweep through every industry.
A prime example of rapid and relentless evolution is supply chain management (SCM). New technologies and innovations have significantly boosted its capabilities, and SCM is now able to deliver a lot more than what was thought possible a few years back. Here is a look at some of the exciting new developments in the world of SCM.
Traditionally, performance monitoring has been at the hardware level and involved collecting and monitoring data from the infrastructure. However, this approach fails to provide insight into the end-user’s experience and has minimal business relevance. Though, with modern digital experience monitoring (DEM) and application performance monitoring (APM) tools, enterprises are able to collect information that helps ascertain a business’ overall health, not just that of the IT layer.
Automation using robotics will also boost elastic logistics by enhancing efficiencies and productivity in warehouses, sorting centers and last-mile deliveries. Supply chain organizations are also expected to move away from a singular focus on becoming lean and cutting cost, and instead favor the building of “fail-safe elasticity” in managing demand.
In this competitive world, companies look at redesigning their production processes and activities to stand up to the competitiveness that the markets demand. To add value through every process is key to the success of each organisation. Value stream mapping (VSM) is a powerful tool in lean implementation to streamline processes and achieve that highest level of productivity in the industry.
The supply chain business typically has wafer-thin margins and hardly any room for expensive
errors. Over time and with ample data, industry players can create digital twins and immersive
experiences that deliver a bird’s-eye view of the entire supply chain.
This digital revolution and its groundbreaking effects on production and manufacturing have transformed supply chains across businesses and industries. Industry 4.0 has not only transformed the structure of supply chains, but it has also changed the way we view supply chains. Industry experts and market analysts have been observing a dramatic shift away from traditional sequential strategy hierarchies.
Easy access to information has also increased the vulnerability of sensitive information. In 2020 alone, the number of data breaches in the United States came in at a total of 1001 cases, affecting 155.8 million individuals. However, cybersecurity is just one aspect of the broader, more complex issue of supply chain security.
Hyperautomation is the result of combining process automation with Industry 4.0 technologies. Hyperautomation augments various components of process automation with advanced technologies like robotics, machine learning, and artificial intelligence to automate processes in ways that are more effective and far exceed the capabilities of traditional process automation
A prime example of rapid and relentless evolution is supply chain management (SCM). New technologies and innovations have significantly boosted its capabilities, and SCM is now able to deliver a lot more than what was thought possible a few years back. Here is a look at some of the exciting new developments in the world of SCM.
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