Technology has impacted diverse industries with infinite solutions and innovative products. It has refined customer experience, and ensured streamlining of the different processes. With data analytics, consumer insights are available at your fingertips, which help enhance their experience across various channels.
The supply chain and logistics industry has undergone a noticeable change ever since technology has evolved. In order to keep up with the pace of ever-evolving technology in supply chain & logistics, you need to keep a watch on the trends that impact this industry.
Till sometime back, same day delivery was not proposed by all the retailers. It was more of a luxury than a necessity, so it was initiated by few brands. But, things have changed. Now, it is an expectation from your brand, and it helps increase your conversion rate. For this, you need to make your supply chain efficient, and promise fast and assured delivery to the prime members. This trend in supply chain is a result of technological impact, growing consumer needs, and intense competition.
Innovation in Supply Chain
eCommerce has not only established itself, but also overturned the traditional model of supply chain and logistics. For eCommerce to run successfully, the supply chain adopted by brick and mortar stores may not work, especially given the omni-channel context. The nature of eCommerce requires automated solutions as it works on high volumes of inventory and multiple delivery options. Innovation in supply chain to meet the changing demands is a necessity, as that will offer customized solutions that will meet the eCommerce business logistics needs.
Focus on Risk Management
This is not new, but definitely something that you need to consider when chalking out your supply chain management technology. Your strategy and the technology that you use to build on that strategy should forecast all possible issues and be able to bounce back in case of unexpected issues. The resilience of your supply chain strategy will give you a competitive edge. SAP or SCM will help achieve the risk mitigation practices, thus evolving your supply chain entirely.
Customer-centric Supply Chains
The shift towards empowering consumers and building strategies that are mostly oriented towards the end consumer has led to supply chains getting reinvented. Supply chains have become more consumer-centric, and the strategies are devised keeping the end consumer in the chain in mind. The back-office operations need to become front-office operations in the new supply chain. Some of the non-sales activities need to be prioritized in the unconventional supply chain to make it more consumers oriented. Data analytics will give ideas on how the whole supply chain works, and what enterprises or end customers are looking at. These insights will help devise customer-centric supply chain.
Innovation is the core to your supply chain and logistic trends. With changing times and technology intervention, visibility and control over your supply chain from the time the order is placed to the delivery of the product is made possible. Connected system is central to your supply chain which includes a centralized system, dispatching solution, connected mobile app for drivers to connect them to the warehouse and the end customer. This technology trend increases the customer’s visibility over the entire delivery cycle in supply chain, which will help them track their parcel and know the time for receiving it.
Circular Supply Chain
Earlier, the supply chain was linear in nature. In 2015, it shifted from being linear to circular in nature, which is inspired by the circular economy. The conventional linear supply chain moved from raw materials to end consumers but, the circular supply chain ensures that the used products are used again as raw materials, thus closing the entire cycle. The circular supply chain is full of opportunities i.e. it increases the velocity, reduces the overall admin, transportation & aftermarket support costs, and helps achieve the sustainable goals in the best possible way. With reverse logistics, you can enjoy another ROI on the same equipment. This works on the recycling premise.
Cloud Computing on the Rise
A lot of companies involved with supply chain management will move to the cloud, which will reduce overhead costs majorly. The main challenge facing the supply chain in the present times is infrastructure, maintenance and labor costs, which will be saved with cloud computing. Another reason to move to the cloud could be the aging workforce. Internet of Things connecting the entire supply chain activities with technology will help achieve visibility and control, and help improve efficiency.
Follow these trends to get complete control over your supply chain, and improve efficiency of your processes. Silver Touch has devised Wholesale & Distribution Inventory Management Software Solutions to improve the pace of ordering, and delivery processes. Connect with us at firstname.lastname@example.org for more information on our solutions and services.