Future Trends and Technologies

Future trends and technologies
The supply chain world is evolving every day,

where tomorrow is already here.
By the end of this video,
you'll be able to identify future trends and
technologies that are expected to
shape the field of supply chain management.
First, let's see what's ahead in
digitization and data analytics.
Data is everywhere in the supply chain,
and advancements in technologies
are allowing companies to learn
even more from themselves by
studying their own network information.
Many organizations are already
using data analytics, machine learning,
and artificial intelligence to gain insights,
optimize processes, and make
data-driven decisions across the supply chain.
These tools, coupled with business understanding,
make the perfect combination for
future development and sustainable growth.
The Internet of Things, or IoT,
refers to the network of physical objects
that are embedded with sensors, software,
and other technologies,
so they can connect and exchange data with other systems.
In the future of the supply chain world,
IoT devices embedded in products, vehicles,
and infrastructure will enable real-time tracking,
monitoring, and optimization of supply chain operations.
IoT sensors will provide
valuable data on location, condition,
and performance, which will allow
companies to achieve enhanced visibility,
efficiency, and predictive maintenance.
The combination of technical expertise, business acumen,
and people skills empower supply chain analysts to
thrive in a world where IoT devices embedded in products,
vehicles, and infrastructure enhance real-time tracking,
monitoring, and optimization of supply chain operations.
Next up is blockchain technology,
which is an advanced database mechanism that
allows information sharing within a network.
It can provide secure records of transactions,
certifications, and product origins,
which can help organizations reduce fraud,
improve supply chain visibility,
and enable more efficient and reliable transactions.
However, there are some challenges that
still need to be resolved because supply chains
involve multiple stakeholders with
different systems and platforms ensuring
seamless interoperability and data exchange
between these systems can be complex.
There are also regulatory and legal challenges
that limit the ability to implement the solution,
and data privacy and security are
significant concerns when implementing
blockchain in the supply chain.
But it will be exciting to see how
this emerging technology evolves in the near future.
Here's an example of how
blockchain technology is being used.
Cool coffee company is using
blockchain with multiple stakeholders
including coffee farmers,
exporters, importers, roasters, and retailers.
Each participant is equipped with
a unique digital identifier that represents
their role and verifies their actions
at various stages of the coffee production process.
As coffee beans progress through the supply chain,
each transaction is recorded as
a block on the blockchain.
This allows the company and its customers to
trace the entire journey of the coffee beans.
Additionally, the use of this technology allows for
quick identification of
any quality issues that may arise,
so the company can quickly identify the affected batch.
By leveraging blockchain technology,
the coffee company can create a secure, decentralized,
and transparent supply chain,
ensuring the quality, authenticity,
and sustainability of their products.
Robotics and automation are already being used in
supply chain operations and
will continue to play an important role.
For example, warehouse robots,
autonomous vehicles, drones, smart lockers,
and automated material handling systems
enhance production and delivery speed, inventory,
accuracy, and efficiency in tasks such as picking,
packing, sorting, and transporting products.
These solutions are enhancing the work operators and
analysts engage with in their operations.
Additive manufacturing technologies can be used in
supply chain production by transmitting
digital designs to 3D printers,
which guide the fabrication of
products and enable cost-effective production.
These technologies also have
the potential to enable localized production,
because companies can make
their own specialized components.
These mechanisms improve accuracy and allow for
more customization potentially reducing
inventory costs and lead times,
improving response times,
and optimizing inventory management,
spare parts availability,
and supply chain responsiveness.
Here's an example of how additive manufacturing
is being used today.
Mega Manufacturer is a company that operates
a complex supply chain for its machinery and equipment,
and it uses additive manufacturing
to produce spare parts on demand.
The company maintains a digital inventory of
3D models for all critical spare parts.
When a piece of equipment needs a replacement part,
the company selects the appropriate 3D model and
uses 3D printers to create the part layer by layer.
Once the part is printed,
it undergoes quality control testing
and then the maintenance team installs the part.
Environmental sustainability will become
increasingly important in supply chain.
Companies are adopting green practices such as
carbon footprint reduction, waste minimization,
and renewable energy usage
to meet regulatory requirements,
reduce costs, and enhance their brand reputation.
Although some argue the cost of
implementing such solutions is too expensive,
it is a proven good business practice
and definitely worth it from a financial standpoint.
In the long run, it is sustainable for everyone.
The COVID-19 pandemic highlighted
the need for resilient supply chains.
The importance of developing
flexible systems capable of changing and adapting to
such drastic circumstances could be
the difference between thriving and disappearing.
Future trends will focus on
risk management, scenario planning,
and building resilient supply networks
that can adapt to disruptions,
natural disasters, geopolitical changes,
and other unimaginable events.
These proactive measures ensure that businesses can not
only survive but also excel in the face of uncertainty.
You've already heard that collaboration and
agility are vital in supply chain success,
and these trends will continue to be.
Companies will form even closer partnerships
with suppliers, customers,
and logistics providers by using
advanced technology platforms
for real time collaboration,
demand planning, and inventory optimization
so they can meet
the continuously changing customer demand.
Horizons have started to become shorter,
and organizations are looking to support
short term planning, more so than before.
Augmented reality and virtual reality technologies
are also on the horizon for supply chain operations.
These innovative technologies can be leveraged to enhance
workforce capabilities and improve
various aspects of the supply chain.
Just imagine them being used for
virtual warehouse tours, training simulations,
maintenance, remote troubleshooting, and collaboration,
and improving worker productivity.
Our last trend is democratization of insights,
which refers to the practice of
making valuable supply chain insights and
analytics accessible to a wider range
of stakeholders throughout the organization.
By enabling easy access
to supply chain data and insights,
organizations can empower employees at all levels to make
informed decisions and take
proactive actions based on real-time information.
This democratization of insights fosters a culture of
data-driven decision-making and promotes
agility throughout the supply chain.
Imagine sharing user-friendly dashboards, reports,
and visualizations that enable
stakeholders across different departments such as
sales operations and finance to access
and understand the insights
derived from supply chain data.
They can generate their own reports
and ask specific questions,
and the system should be able to provide instant answers.
By making these insights available,
decision-makers at various levels can make
more informed and timely decisions
driving improvements in supply chain performance.
The future is exciting for the supply chain world.
Remember, you are also the future of supply chain,
so buckle up, it's going to be a very interesting ride.

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Future trends and technologies

The supply chain world is evolving every day,

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