- To achieve the goal of quickly delivering goods to the consumer while still increasing both economic and data-driven efficiency, the modern supply chain requires digitization and new emerging tech, EBN reported Tuesday.
- Better methods now exist to harness discordant links in the chain, including blockchain and IoT technology.
- A recent study notes that 72% of 2,000 companies surveyed expect to fully digitize their supply chains within the coming five years. The report predicts that the investment in digitization is expected to produce 4.1% annual growth, and a 2.9% revenue increase each year.
The starting point for increased digitization of the supply chain is in defining your necessary capabilities.
Attracting new talent with the skills needed to support a digitized supply chain may be challenging. To fully arm your company, an assessment of staffing needs will likely include data scientists, user interface designers and digital innovation designers. An end-to-end perspective, in which a holistic view of the supply chain is enabled, will also aid in realigning your processes from ERP to digital.
Agile IT functions are also central to the need to interpret new data. Going further, sensor or IoT technology to help align communication and information will also contribute greatly to the ecosystem. Stepping back, the process of integration involves an enhanced information exchange, in which teams interpret the information gleaned from the system communicating independently with all participating elements.