Eight technology trends in supply chain

 

Hello all, My name is Vikas S Menon and i am a 2nd year MBA student at Amrita school of Business, Coimbatore. I hope you read my last post " Shocks to normal". Now I am writing about Eight technology trends in supply chain. Hoping for your feedback on the topic and area to improve.

While supply chain leaders continue to explore the advantages of digitization, it has become vital to develop how to exploit emerging innovations that have the potential to disrupt supply chain operating models and provide a competitive advantage. According to Gartner, the top eight supply chain technology trends for 2020 are,

 

1. Hyperautomation

Hyperautomation can encourage wider collaboration across disciplines and serve as an integrator of diverse and siloed functions. It is a model for integrating a comprehensive technology offering in the best possible way, such as traditional existing systems with newly introduced technologies and expected investments.

 

2. Continuous Intelligence

This is one of the best opportunities for supply chain leaders to drive their digital transformation organizations. This needs a computer's ability to interpret data at a much higher pace than humans would do. Supply Chain Leaders should look at the collected data and understand what's going on and take decisive action.

 

3. Supply chain governance and security

This is an increasingly significant macro trend, as global risk events increase and security breaches threaten businesses on a digital and physical basis. It focuses on innovative track-and-track technologies, smart packaging, and next-generation RFID and NFC capabilities.

 

4. Digital supply chain twin

This is a digital representation of the physical supply chain that is extracted from all related data across the supply chain and the operating environment. DSCTs are part of a global trend that explains the ever-increasing convergence between the digital and physical worlds, connecting both worlds, which increases situational awareness and supports decision-making.

 

5. Edge computing and analytics

The growth of edge computing, where data is stored and evaluated close to its point of processing, coincides with the development of the Internet of Things applications. Technology is required because there is a need for low-latency processing and automated decision-making in real-time. For example, in manufacturing areas, some firms have used driver-less forklifts for their warehouses and some heavy equipment suppliers that can use edge computing to determine whether a component needs replacement or repair.

 

 6. Artificial intelligence

AI is now helping supply chain leaders overcome long-standing problems. AI technology solutions that help companies to comprehend complex information, engage in real dialog with humans, improve human performance, and take on daily tasks. Its technologies allow greater connectivity and collaboration through networks of stakeholders that have historically been distant or diverse.

 

 7. 5G Networks

5 G is a major step forward in terms of data speed and processing capabilities. The design of 5 G ensures that the supply chain capacity is vastly improved. For example, running a 5 G network in a factory will minimize latency and speed up real-time connectivity and IoT functionality.

 

 8.  Immersive experience

Immersive technology experience, such as digital, augmented, and mixed reality can dramatically alter the direction of supply chain management. Such modern interface models improve human skills, and companies are already finding advantages in use cases, such as onboarding new employees via immersive on-the-job training in a healthy, practical virtual setting.

 

Source:https://www.gartner.com/smarterwithgartner/gartner-top-8-supply-chain-technology-trends-for-2020/