Supply Chain Future Tech Trends

The ability of connected edge devices to aid and advance applications such as track-and-trace, cold-chain monitoring, actuator triggering, and energy management is well-known in the Internet of Things (IoT) space. The large IoT players have constrained scale-up deployments of those applications to back-burner projects.

The following tech areas are expected to become increasingly prevalent in supply chain management soon:

The Internet of Things (IoT) is influencing business decisions

The term "Internet of Things" refers to data-transferring gadgets that are connected to the internet. It's a huge and fast-paced world; one estimate indicates that by 2025, there will be more than 75 billion IoT-connected gadgets in operation. In comparison to 2019, this would be a threefold rise. By the same timeframe, the IoT market is expected to be worth $4 trillion.

Cars, mobile phones, smartwatches, intelligent appliances and many other devices are all on the average person's list of IoT gadgets. One piece of IoT technology that will reign supreme for those of us in supply chain management, particularly in cold chain management, is smart labeling.

These Internet-of-Things-connected gadgets can be attached to things from the point of manufacture to the point of sale. They collect data along the way and compile it in one location. Consider an item's journey through the supply chain as a work of digital art: the data provided by smart labels acts as hundreds or millions of pixels that, when combined, form a greater picture.

When viewed through the perspective of the challenges we've all faced in recent years, the impact of this "viewing the wider picture" is exceptionally powerful. Knowing what's going on as items move through the supply chain helps businesses make better decisions.

Professionals in supply chain management can react quickly to changes in the supply chain environment. That's an important feature: smart labeling make it possible to make decisions when they're needed.

To power smart labels, the emergence of IoT devices at the edge will necessitate batteries that can endure the harsh demands of the cold chain environment. It will be critical to have technology that can withstand low temperatures, humidity, and dampness while remaining reliable and precise. The technology that allows for these connections and manages the devices will be critical as IoT devices connect us digitally.

From the cloud to the edge

Virtualization technologies such as virtual machines and containers, together with edge platforms, offer application mobility among computer hardware suppliers. Gateway providers, as well as increasingly powerful edge devices capable of running lightweight machine learning, are anticipated to emerge as a result of this change. With real-time operating systems and run-time environments enabled on devices, such as cellular smart labels and wearables, cloud providers are unlikely to give up their push to the extreme edge.

Artificial intelligence innovations

As the data provided by IoT forms pixels that make up a bigger picture, these pixels must be organized to prove meaningful. Another tech trend in the supply chain is the use of artificial intelligence (AI).

Another tool that informs decision-making is artificial intelligence (AI) solutions employed in the supply chain. It can be used to forecast future supply chain data using historical data gathered from IoT data pixels.

IoT and AI working together result in a streamlined, transparent supply chain. Upstream and downstream operations are tightened using AI-based algorithms and platforms, resulting in a smooth trip with no lost time. AI and IoT solutions work together to create a partnership based on the use of patterns to foresee problems and propose solutions.

Demand planning and digital twins are two AI technology solutions to keep an eye on. The rising availability of data and cloud environments handling massive fleets of edge devices will expedite both solutions.

Automation as a result

Automation is the third and last trend to keep an eye on. Automation is the outcome of data and AI working together, just as AI developments are a natural progression from IoT-provided data.

The replacement of repetitive and time-consuming activities through automation has been an ongoing process for years. It’s nothing new. What is new when it comes to automation and the supply chain, however, is automation’s role in transportation.

Supply chain specialists who understand data will become increasingly valuable as a result of Tansportation automation. Automation can occur at a faster rate as industry professionals analyze data and use AI platforms to make judgments. The end product is fantastic. According to a McKinsey & Company survey, 61 percent of CEOs who implemented AI in their supply chains reported lower costs and more than half reported higher revenues. More over a third of respondents said their revenue increased by more than 5%.

What are the implications of these trends?

Executives are realizing what we industry professionals have known all along: the supply chain has significant prospects for bottom-line benefits as it becomes more of a focus for organizations in every industry.

The pathway of IoT-connected devices feeding AI platforms and automation to arm decision-making is entrenched. As the old adage goes:

“You can’t manage what you can’t measure.”

These tech trends allow us to do both.