Supply Chain 4.0 is Here: The Future is Brightest for Those Companies Embracing Digitalization
From the Office of the CEO
September 18, 2020
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. As organizations develop new business models and digitize the delivery of products and services, the integration of 4.0 principles within their company’s supply chain has become increasingly critical… for all of the right reasons.
What some call Supply Chain 4.0 aka Connected Supply Chain is becoming foundational to any company that manufactures or distributes anything. Unfortunately, many businesses were forced to discover, at great cost, that ideating, building, and maintaining a successful supply chain must now be a fluid, ongoing process.
In our volatile, ever changing world, successful companies now have little choice but to take a proactive approach to their supply chains to ensure that they remain viable regardless of major events or business occurrences outside of their control. Too many companies recently found their existing supply chains decimated by Covid-19, by hurricanes, by civil unrest, by wildfires, by unexpected supplier bankruptcies, and by other unexpected or at times, unimaginable events.
In most cases, that led to the interruption of their normal day-to-day operations. For some businesses, that interruption was fatal.
Acting with a Supply Chain 4.0 mentality is now a must. Reimagining one’s supply chain starts with the adoption of a problem solving mindset. The digital tools now exist to help take your supply chain to the next level. The relevant data is available. The ability to benefit from AI and Machine Learning is no longer outside the reach of most companies. And few could discount the fact that ideating, prototyping, road mapping and implementation is now being best accomplished through the power of Design Thinking.
Businesses throughout the world long assumed that their supply chains were solid and that wasting time and money on potential alternatives or backup plans was ill-advised. Most who took that approach was proven wrong. The same will be said for those companies that do not quickly work to develop new and dynamic supply chains built with the help of digital tools now available to them.