It has become increasingly clear that successful businesses are the ones willing to evolve and reimagine. For most, that now means recognizing the need to operate within a complete digital ecosystem that takes advantage of the wide range of digital technologies previously unavailable.
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.
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.
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.
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.
They may be fictitious characters, but they can fundamentally alter the way you run your business.
Personas are imaginary users that you can create to understand real customer needs, behaviors, and
expectations. When done properly, personas can unlock powerful learnings, help you optimize the
supply chain, or give you a significant edge over competition.
A circular supply chain is one where organizations reduce waste at every stage, right from design and manufacturing to distribution and fulfilment. This approach shifts away from the standard pattern of produce, use and discard, and instead adopts one where the organization is acutely aware of the impact it is having on sustainability. It looks at the bigger picture and attempts to minimize perturbations to it.
Organizations have increasingly embraced the cloud and made it a core business requirement. This shift from on-premises to the cloud has also meant that organizations are now more open to the idea of leasing out or subscribing to online services. This has given way to XaaS — where X can be almost anything under the sun. Also known as Everything as a Service, XaaS represents the increasing servitization of technology.