Technology integration into SUPPLY CHAIN MANAGEMENT

Supply chain processes have been evolving over the past year in line with consumer preferences and the competitive environment. B2B and B2C suppliers, as well as buyers, are increasingly inclined towards integrating technology into supply chain management, ensuring ease of supply chain traceability and monitoring, cost benefits and reduced risk.

The following are some of the popular technologies used to develop innovative supply chain solutions:

? Cloud: This is the technology most widely adopted in the supply chain management industry. It helps optimise the process by integrating data from various sources and analysing it to identify risks and opportunities, facilitating better collaboration among related parties via connected systems and improving inventory management

? The internet of things (IoT): Collects data from several devices, including internal company sensors and connected products with end users, to provide supply chain managers with an understanding of consumer requirements and expectations

? Artificial intelligence (AI): Is gaining in popularity for making the entire supply chain management process simpler and more accurate. It reduces the staff requirement, crucial for companies wanting to reduce costs and errors ? Blockchain: Helps gain end-to-end visibility and decentralised information, and achieve accuracy in processes, reducing the need for invoice auditing programmes The COVID-19 pandemic has accelerated emergingtechnology integration into supply chain management.

? The pandemic-induced change in buyers’ and sellers’ preferences towards digital methods has driven growth in supply chain-related technologies. A number of companies are reported to be modifying their supply chain capabilities to maintain operations amid the pandemic and ensure subsequent growth

Continue Reading here –>>> Technology integration in supply chain | Acuity Knowledge Partners (acuitykp.com)

https://www.acuitykp.com/technology-integration-in-supply-chain/