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Amidst increasing globalization, increasing product complexity, and increasing customer demand, forward-thinking companies are adopting advanced technologies to transform their supply chains from pure operations hubs to business innovation hubs.
A global pandemic like Covid-19 has exposed challenges in business operations and forced organizations to adapt to dramatic changes in supply and demand. In many cases, driven by necessity, companies are using this time to increase overall investment in digital supply chain technologies and replace legacy platforms. The food supply chain became one of the first implementers of technological advances in the industry due to unique challenges such as low shelf life.
By combining technologies like AI and data analytics, online brands are realizing that they can automate warehouse operations, improve delivery times, proactively manage inventory, facilitate strategic data sourcing relationships, and create new customer experiences that increase satisfaction and increase sales.
Whereas in traditional logistics, supply chains are once disconnected from upstream and downstream activities and lack knowledge of operations. This led to significant discrepancies in inventory, making it a challenge to ensure sufficient inventory was available to meet demand. But emerging supply chain technologies offer a complete view of inventory trends and data across the supply chain network. Based on performance. Artificial intelligence applications can directly trace performance problems to their root causes and predict failures and then recommend corrective actions to managers.
Not only that, but being able to track assets during the logistics journey helps avoid misplaced items and lost items, reducing risk and revenue loss. This helps in better inventory management and prevents shipping memos. Without the help of technology, it is difficult to maintain a high level of order accuracy, especially with an ecommerce supply chain that moves constantly, and inventory levels and demand change frequently.
But advances in supply chain technology continue to phase out manual operations that are time-consuming and prone to human error. For example, warehouse robotics are designed to reduce errors by picking, packing and sorting orders based on accurate data.
As more and more jobs will be developed in the future, there will be a huge decline in the manpower for existing jobs. Consider automated shipping, which takes the complexity out of shipping by automatically placing customer orders in a queue and eliminating some manual tasks.
As we move into 2022, we expect to see companies shift their priorities from ‘survive’ to ‘thrive’ mode, moving away from managing risk and disruption to driving future growth. To achieve this, companies are looking to digital technology to build new capabilities by leveraging the power of the entire supply chain ecosystem to improve customer, partner and supplier interactions and improve the consumer experience.
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While there is still a significant learning curve with some of the emerging technologies, there is no doubt that the supply chain is undergoing significant change. A growing economy like India needs to reassess how its logistics activities are implemented and technologies used.
In its working paper for the National Logistics Policy, the Government of India envisages growth and competitiveness of supply chains through an integrated, seamless, sustainable and efficient network. As the country seeks to standardize its physical and information exchange infrastructure in the logistics space, it is up to the private sector to use transport platforms to strategically diversify their logistics operations and improve efficiency through network, industry and cross transport facilitation. -Industrial level self-help and help India transition to supply chain power.
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