SCM (Supply Chain Management) involves an array of activities needed to plan, execute and control the product’s movement from buying raw materials, manufacturing through distribution to the end customer flawlessly and cost-effectively.
Raw materials and goods move across multiple manufacturers, distributors, transporters and service providers in many geographical locations. Often, the businesses are unaware of the trading companies involved in the supply chain. Ideally, organizations such as logistics companies in Delhi should be aware of all the parties involved in their supply chain network and trust them, but, today’s reality is quite different. Innovative technologies like Blockchain, AI and Machine Learning could be an answer to deal with this problem across three segments such as forging, visibility or traceability and proficiency.
Here are eight top strategic supply chain technology trends that have a great impact on the logistics industry in 2020. These technologies are facing major changes or reaching critical tipping points in terms of capability or maturity.
- Artificial Intelligence
AI aids an organization’s vision for wider supply chain automation. The automation could be of any level like semi-automated, completely automated or a mix, depending on the varying situations. Companies offering vehicle transport services in Vadodara have implemented the AI in their supply chain activities and realize that with self-learning and natural language, AI solutions can automate numerous supply chain processes like demand estimating, manufacturing planning or analytical maintenance.
In the supply chain, AI involves the technologies that seek to match with human knowledge and performance such as optimizing order delivery process and service levels with AI competencies to know the best route a company should take to improve deliveries or shipping replacement parts. AI uses algorithms to notify the users about the major equipment failure before it happens.
- IoT (Internet of Things)
The key reasons behind the popularity of IoT are the availability of reasonable and reliable sensors, the huge increase in data storage and processing capabilities, and the arrival of AI. IoT acceptance is increasing in the particular supply chain domains, but hardly it is a part of an end-to-end supply chain process. Some manufacturing companies are calculating the business value of expanding further than their present application of operational technology.
Logistics groups that offer transport services in Vadodara use sensors to track shipments or containers. The Internet of Things could have a huge and impact on the supply chain in areas like better asset utilization, greater uptime, enhanced customer service, improved supply availability, supply chain visibility, end-to-end supply chain performance and reliability. In 2020, many logistics experts will use these new applications of IoT to enhance their supply networks, minimize costs and avail the opportunities to generate revenues.
- Advanced Analytics
The collection of analytics and supply chain analysis of the data will be of extreme importance in 2020. The supply chain analysis provides you with the ability to enrich your products, operations as well as services, marketing campaigns, hiring practices and much more. These analytics will be used for both external and internal evaluation. You can also use analytics to monitor your vendors, employees and productivity.
Furthermore, supply chain analytics will aid businesses to streamline their entire operations from the procuring of raw materials to the delivery of your end product. The availability of data of the Internet of Things, dynamic sales and weather patterns boost the ability to generalize the current environment to know better the future scenarios and make lucrative recommendations.
- Robotic Process Automation (RPA)
The key goal to use RPA throughout the entire supply chain is to build value for different B2B initiatives. Even though the term robotic being used in the name, the robotic processes automation is nothing but the use of software instead of an actual robot. Implementation of RPA tools in The supply chain in 2020 will aid the logistics and online truck booking companies to reduce the costs, eliminate inputting errors, boost processes and link the applications.
In simple cases where a third party in the supply chain will not deliver an API or other means for automated data integration, RPA has proven to be very effective. However, the ability to earn a strong return on investment (ROI) is completely relying on the applicability of RPA in each business.
- Social Media in Supply Chain Management
Supply chain management has used mobile technology for years, but 2020 will see greater use of social media accounts and advertising tools to boost effectiveness in supply chain management. As the consumers use social media to share positive or negative information regarding the product has a direct impact on business reputation. Therefore, supply chain managers in the logistics companies in Delhi must pay attention to the use of social media in the supply chain. Consequently, the supply chain manager will start using social media as the best practice of connecting with consumers directly, beyond the standard online, or app-based shopping experiences.
- Role of Blockchain in Supply Chain
Blockchain is one of the best tools used in Supply Chain today. It helps businesses to protect data and information from being forged, manipulated or edited. Blockchain is designed to deal with critical and long-standing challenges across complex worldwide supply chains that traditionally have held centralized authority models. Blockchain solutions offer the capabilities for supply chain that involve a collection of expertise and processes that spans analytics, database, security, verification and contractual and identity management ideas.
Blockchain will continue to be popular in the supply chain in 2020 and be offered as a service or development alternative across supply chain solutions that help to achieve goals like automation, security and traceability. The professional companies of vehicle transport services in Vadodara uses Blockchain, as a supply chain technology that aids them to securely manage everything at a single point from invoices and contracts to payment and tracking.
- Digital Supply Chain Twin
A digital twin is a digital illustration of a real-world system and in supply chain, it is a digital representation of the relationships among all the important entities of an end-to-end supply chain like goods, consumers, markets, warehouses, distribution center, plants, payments, attributes and weather. It gives end-to-end visibility by synchronizing with the real supply chain. Digital twin greatly improves situational consciousness and improve the quality and speed of the decisions.
In 2020, businesses would use a digital supply chain twin for end-to-end supply chain decision making. Right prescriptive and predictive analytics incorporating AI and machine learning would be applied to the digital twin in the supply chain so that decisions could be made.
- Omnichannel Supply Chains Will Become Standard
Omnichannel will perhaps the main of the 2020 supply chain trends. The year will see more supply chains omnichannel strategies, eradicating discrepancies and differentiate systems and creating an organized shopping experience for consumers. However, customers may get a single stream item, this shows a major difference in the basic principles through which supply chains function. Logistics firms that offer transport services in Vadodara understand that existing systems will need incorporation, and instructions must be installed all over current processes to ensure orders are completed in the most appropriate manner.
- Business Events Will Gain The Popularity
When we talk about the attest trends in supply chain management technologies, business events and systems events are gaining power in the supply chain world. A business event is an action that reflects the direction of the business. This event could be very common such as the purchase of an item. However, the event could become with the discussion like the credit limit of a customer being exceeded. Such events can directly influence the equity, assets or liability of a business account. A business event likely be internal that occurs within the organization or an external event that happens between outside parties.
- End Users Will Be The Top Priority
Whether businesses use supply chain software or other supply chain tools, all the applications must be able to assist the end-user in some way. Online truck booking companies believe that the end-user is the crucial driver of all business choices, and they will continue to hold the control in 2020. For successful supply chain management, make sure that all of the applications and software can be accessed easily by the end-user. Also, ensure that all pages and applications load quickly so that customers don’t face any difficulty. It will ultimately increase the customer satisfaction.
- Immersive Experience
The user experience in the digital world will experience a major shift in how they perceive and interact with it. The integration of Augmented Reality (AR) and Virtual Reality (VR) and with multiple mobile, IoT, wearable, and sensor-rich environments and interactive platforms will spread immersive applications beyond inaccessible and single-person experiences.
TruckGuru is known as one of the best providers of logistics services. They are focussing on implementing the advanced tools and latest trends in the supply chain to improve their service quality and productivity. With the increased competition in the industry, TruckGuru seeks to adopt innovative technology which will ultimately help them to dominate the logistics market.