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Supply Chain Trends that Empower Logistics Industry
Organizations get inundated by the massive amounts of data coming from suppliers and customers. The supply chain management brings together different types of processes and departments. The human workforce is not enough to handle the processes quickly and error-free in this industry.
Following are some of the trends of the supply chain that are transforming the logistics business:
Artificial Intelligence (AI): AI has a great impact on the transformation of the supply chain. AI helps supply chain to enhance, automate, decision making, reinvent business models, and remake the customer experience.
AI-driven chatbots are one of the incredible innovations of Artificial Intelligence. They can accurately handle all the paperwork constantly with speed and accuracy. From taking cold calls to track the order details to taking care of invoices and transactions, chatbots can play as an assistant.
Supply chain professionals use self-driving cars to transport goods. So the chain creates fewer errors, reduces accident rates and delivery issues. Timely deliveries enhance customer experience also.
Advanced analytics: Advance analytics enables companies to take advantage of future opportunities and mitigate future adverse events. Prescriptive analytics improve decision making in functional areas as planning, sourcing, logistics, and transportation and can be deployed to improve end-to-end supply chain performance.
Wearables: Logistics and supply chain sector go through revenue loss in the case of production downtime. Better inspections on products can avoid this adverse situation. AR (augmented reality) glasses help product inspectors while checking for any technical fault.
Internet of Things (IoT): IoT in the supply chain provide great earning opportunities, high-level transparency, and streamlined processes.
• Asset tracking: Use of sequence numbers and barcodes are commonly followed methods for asset tracking. Whereas, Internet of Things (IoT) enables companies to track goods and adds more transparency. IoT sensors and cameras support product developers by delivering data about the product on the location and granular data at any point.
• Fleet management: IoT aids companies by utilizing fleet management in connecting all their means of transportation or carriers with each other. If there is a delay in taking off the vehicle driver will be notified in advance. Internet of Things underpins companies to achieve time effectiveness.
Robotic process automation (RPA): RPA allows supply chain enterprises to cut costs, eliminate keying errors, speed up processes, and link applications. It automates back-office activities, optimizes productivity, and facilitates plain movements of goods.
Blockchain: Blockchain technology helps companies to track the status of the product in real-time and retrieve the exact location of packages. It allows updating a transparent and distributed ledger, which helps customers to track their products by themselves.
The supply chain in the logistics industry has a plethora of benefits and opportunities that can elevate the industry in a way that it can fulfill the heightened customer expectations.