From the Internet of Things, to predictive analytics to big data, new technologies are touching every part of business, and the supply chain in particular.
By 2020, predictions are that over 50 per cent of manufacturing supply chain models will benefit from investment in new technologies and 50 per cent of manufacturers will be using cognitive computing and artificial intelligence, in addition to advanced analytics for planning and long-term forecasting.
E-commerce will be imperative for business expansion to help drive growth. It is estimated that approximately 90 per cent of product businesses will be using B2B and B2C e-commerce in the next 10 years and that 50 per cent of manufacturing supply chains will reach their end consumers directly, for increased profitability.
Businesses will need to treat the improvement of business processes as a priority, to streamline the supply chain, reduce costs, improve efficiencies, drive growth and enhance customer experience ensuring long-term business success.
Moving to the cloud will be the natural choice for any business managing or seeking to manage a modern, digital supply chain. The cost advantages of a cloud solution, from decreased investment in software development, to lower maintenance costs, are just part of the equation driving businesses to the cloud.
Those who leverage innovative process changes, technology transformations, cloud applications, or any combination of these, tend to get ahead and supply chain management is no exception to this. The businesses who innovate and capitalise on new technologies will thrive, whilst those who choose not to, will eventually become obsolete.
Regardless of whether these predictions are 100 per cent accurate, it is certain that change is inevitable. Especially in an age when technology is constantly advancing. So, how will you be investing in your supply chain management?