The supply chain is an intricate and dynamic structure. It is also one of the most crucial aspects of your company, so it pays to keep an eye on how technology is altering it and consider how you may benefit from that information.
Supply chain technology aims to optimize every supply chain step by utilizing data, analytics, artificial intelligence, blockchain, robots, drones, and other cutting-edge technologies. It involves delivering value to consumers, lowering expenses and risks, boosting productivity and sustainability, and improving communication and transparency.
Additionally, it involves constantly advancing. Because supply chain tech is dynamic, it continually changes and adjusts to new difficulties and chances. It is always trying to innovate and make improvements. And it is constantly prepared for the next disturbance.
Why is digital transformation important for supply chains in 2023?
The phrase "supply chain tech" is wide and includes all forms of supply chain technology, from production to distribution. Although supply chain technology can increase productivity and cut costs, improper implementation could result in risks.
Technological developments, shifting customer expectations, and international economic and political trends are anticipated to impact the future of supply chain management significantly.
The analysis projects a compound annual growth rate (CAGR) of 53.2% for the worldwide post-COVID-19 blockchain supply chain industry, from USD 253 million in 2020 to USD 3,272 million in 2026.
The market's two main growth drivers are the rising use of blockchain technology in SCM and retail and the expanding need for supply chain transparency. Uncertain regulatory status and standards, however, might limit industry expansion.
Key actions to take in 2023 include:
- Make supply chain planning capabilities and end-to-end visibility offered by real-time analytics your top technological investments since they may assist you in maintaining operational stability.
- Improve your teams' skills and accelerate the development of your data management rules and capabilities to utilize technology for decision-making driven by insights fully.
- Consider the automation you can use to eliminate redundant manual supply chain tasks, boost productivity, and guard against margin compression and cost hikes.
- There is potential to automate laborious tasks, including trade tax computations, FTA compliance, global trade paperwork, reconciliations and settlements, and reporting.
What are the top supply chain trends in 2023?
So what are some of the supply chain predictions for 2023?
Here are a few examples:
Supply Chain as a Service (SCaaS)
Managing every aspect of your supply chain in-house is difficult as value chains get more complicated. Moving from a manual environment to a digital one, utilizing a sizable number of IoT-enabled devices, analyzing data, and maintaining will become vital tasks requiring expert manipulation and upkeep.
Many businesses will outsource these crucial activities because they lack in-house personnel. Better customer service, more productivity, and cheaper expenses are all advantages of SCaaS. Similar services are offered by SCaaS but with added supply chain advantages, including improved asset management.
Making judgments based on real-time supply chain data is less appealing when social distance emerges as the new norm. Real-time data from all of the physical fronts of your supply chain is required to combat this to prevent costly interruptions, in addition to tools like prescriptive analytics.
Internet of Things (IoT)
The term "Internet of Things" (IoT) for supply chain optimization refers to physical items (or groups of such objects) equipped with sensors, computing power, software, and other technologies that communicate with one another and exchange data through the Internet or other communications networks. The term "Internet of Things" has been criticized because gadgets only need to be individually accessed and connected to a network, not the public Internet.
The discipline has changed due to the confluence of several technologies, including machine learning, ubiquitous computing, inexpensive sensors, and increasingly potent embedded systems.
It makes it logical to respond to the desire for greater supply chain visibility as blockchain usage grows. The blockchain's end-to-end transparency can benefit supply chains thanks to its database structure. What is blockchain, precisely, before we continue?
Blockchain uses "blocks" of data rather than the tables used by traditional databases to store information. As data comes in, new blocks are created and chained to the older ones as these storage blocks eventually reach their capacities. These blocks provide immutable records with precise time stamps that offer users vital insight into their transactions.
3D printable models may be produced using a CAD program, a 3D scanner, a regular digital camera, and photogrammetry software. Compared to other techniques, CAD-made 3D printed models have comparatively fewer mistakes. Before printing, mistakes in 3D printable models may be found and fixed. Similar to plastic arts like sculpting, the manual modeling technique of creating geometric data for 3D computer graphics. 3D scanning is gathering digital information about an object's form and appearance to build a digital model based on it.
The Final Words
The environment of supply chain technologies is continually changing. New technologies are created and used daily to help organizations increase production and efficiency. In 2023, several emerging technologies will significantly affect how you do business.
Although digital supply chain transformation has advanced for many years, there is still room for advancement. New technologies will increase over the coming years, enabling your business to reach its objectives more quickly.
With the cutting-edge curriculum from Imarticus Learning, created in partnership with the prestigious CEC at IIT Roorkee, you may improve your knowledge in supply chain management. This innovative training will provide you with crucial analytics abilities to make decisions based on data and use Python to advance your SCM expertise.
In addition to gaining priceless information, you'll have the chance to distinguish yourself in the crowded job market with an IIT Roorkee-endorsed certification, which will attest to your command of SCM and dedication to career advancement.