Technology, global disruptions, and market changes are some of the common factors that impact the companies’ growth and supply chain technology & logistics. The companies, therefore, seek to implement efficient and sustainable business strategies and trends based on modern Supply chain technologies and methods.
Though ever-changing, market trends keep defining the industry’s growth and development, helping companies transform their practices and overcome challenges. The company must have better knowledge based on recent and upcoming trends to overcome the rising competitiveness amongst the market players.
So, to help you remain at the top of the market, we have enlisted some of the major trends in the supply chain and logistics field.
Digitization of the Supply chain
Digitization of the supply chain is associated with n number of benefits, including a surge in speed, better dynamics, supply chain flexibility, and more. The latest technological solutions have helped the supply chain technology become highly competitive, fast-paced, and omnichannel. Digitalization of the supply chain enables companies to experience increased revenue and greater value.
As a trend, therefore, the digitalization of the supply chain is getting adopted by companies. Companies are strategizing digitalization with the latest technologies in order to reap business profits. Internet of Things (IoT), for instance, is one the most dominant technology, ruling the field of digitization. It refers to a system of interrelated computing devices enabling data transfer over networks. It also assists companies with inventory examination, warehouse stock management, fleet routes optimization, and dead mileage reduction.
Artificial Intelligence
Advanced AI solutions have various beneficial applications in the supply chain, specifically in the warehousing area. It includes using gesture recognition solutions in procurement and autonomous vehicles that can navigate without human input. Furthermore, the idea of robotics and automation is also implemented in the field of the supply chain. The advanced generations of robots can be seamlessly programmed and are more flexible and affordable. They play the perfect role in repetitive and physically challenging tasks.
Stronger collaboration for the supply chain
Stronger collaboration and robust procurement practices with the suppliers must be prioritized throughout the supply chain technology process. It can prove helpful for the procurement department, as they can use the business data on suppliers for better supply chain decisions, including supplier assessment and recommendations of the business partners. Additionally, effective cooperation can be useful for evaluating risks in the supply chain based on global industrial and political trends to prevent or minimize the risk of stock shortages.
At the same time, solid collaboration in the supply chain can modernize internal processes and decrease the overutilization of resources laid on repetitive, administrative, and time-consuming tasks. Moreover, it can be utilized to generate referrals from business partners.
Circular supply chain
Unlike a linear supply chain, modern logistic practices centralize the concept of a circular supply chain, which involves using previously used products as raw materials. Reusing products is called reverse logistics, trending as an innovative approach. It helps the companies minimize administrative charges and transportation costs and helps accomplish better customer service, higher sustainability, and values.
Wearable devices
Wearable technology includes devices that are designed to be worn by people. These devices, accompanied by cloud technology, enable employees to access and input data in real time. With the help of proper analysis and data collection, wearable technology allows organizations to manage and monitor their inventories and stay updated with product demand. The warehouse management team can utilize wearable technology to rapidly collect precise data and keep track of manufactured, distributed, and stored products.
The past few years have made the companies realize that their supply chain technology and logistics strategies must be modified to gain better results in terms of growth, customer experiences, services, and other aspects. Coordinating with major trends has helped most companies to enhance their services and broaden their capabilities. The advanced technological solutions and trends, moreover, have helped the supply chain and logistics grow wider, run efficiently, and expand, and with more advancement, it is anticipated to witness thriving with overgrown benefits for the organizations.
Rebuild Your Supply Chain and logistics with Katalyst
As new technology and trends emerge, businesses implement them to update and modify their working structure. At Katalyst, our expertise helps companies implement and reap its advantages. We are experienced in assisting and optimizing your supply chain and logistics digital transformation. If you want to know more about how our expert supply chain and logistics team can help you, feel free to visit our website or connect with us.
