The rise of new technologies is quickly evolving and changing the way businesses work every day! Companies adapt to these advances and find new ways to make their processes quicker, manageable and more efficient. As a result, technology is redefining the supply chain as we know it.
The predicted most influential supply chain technologies of 2019 are as follows; blockchain, artificial intelligence (AI) and drones / robots.
Most recognized by being the technology behind bitcoin, Blockchain technology is speeding up efficiency within the logistics process. By using process logic to synchronize extreme amounts of data and connect it, the integrative process gives companies continually refreshed data.
But how does that help redefine the supply chain? Put simply, it has the power to connect industry partners while simultaneously building trust between them with data sharing. In fact, by always having reliable data at your fingertips, it helps prevent fraudulent data.
Big-name companies like FedEx, Walmart and Microsoft and more are already using Blockchain technology. For example, FedEx uses Blockchain to track high-value cargo – only one of its many abilities.
Artificial Intelligence (AI)
Along with the theme of data, comes the power of artificial intelligence and the use of robots. Google currently uses AI technology to produce relevant search results, self-driving technology, digital ad pricing, and personal assistant software, but how does this relate to the supply chain?
AI uses machine learning and has the potential to lead innovation in any industry it is applied to. Its predictive analytics gives companies a tool that increases their knowledge about their respective market. For instance, by predicting the market needs, companies can quickly move their services to areas of high demand. In summary, the data helps companies to use their resources in the right way for maximum benefits, and artificial intelligence helps them with it more accurate and faster manner.
Drones and Robotics
These technologies are already being used to improve both simple and dangerous tasks within companies. Drones used at the beginning of the supply chain help obtain raw materials by performing tasks like testing soil to optimize water content. The numbers being used in warehouses and distribution facilities are expected to rise as drone capabilities allow things like drone cameras to move around a perimeter. This gives access to visuals that an average security camera would miss.
Similarly, robots are a technology on the rise in the supply chain. Robots are used to track, find and move product within facilities. Paired with AI, robots can use AI learning algorithms to improve processes in a warehouse. This is just another example of how technology is redefining the supply chain.
Real-time reliable data, predictive software analytics and robotics technology continue to redefine the supply chain as we know it. New technologies like these provide solutions to common inefficiencies within a company’s supply chain. They give crucial information, aiding to the improvement of your company and its processes.
At Clear Spider, we strive to incorporate the latest technology into our products and services. Ask us about how we make use of these developments to make inventory management better for our clients!