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.
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.
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
The word “culture” invariably means different things to different organizations. Successful companies are usually those that strive to build a culture that genuinely places customers above everything else. They have a culture reinforcing design mindset.
A key tool in the data scientist’s arsenal is data visualization, which is typically used to communicate insights and crystallize findings. “Often data scientists are creative in displaying information visually and making the patterns they find clear and compelling. They advise executives and product managers on the implications of the data for products, processes, and decisions,” adds HBR. And this is exactly where design thinking comes in, helping turn complex and incomprehensible data into a clear and clean display that can resonate with the audience.