According to a Gartner survey, 61% of people believe that utilizing the latest technologies is critical to gaining a competitive advantage in supply chains and that emerging technologies should be invested in.
Supply chain management includes managing assets and helping in decision-making. Technology can change the future of the supply chain, and in this guide, we’ll go over it in detail. For advanced supply chain predictive analytics and mapping tools, visit PREDIK Data-Driven.
If you’re operating a company in the supply chain industry, you need to assess your business and know where your technical capabilities currently stand. Therefore, businesses need to gather data and consider the following aspects of this process:
- Decision-making is a key area of supply chain management. Machine learning can help support decision-making processes and update outdated legacy systems.
- Automation and innovation using advanced data science solutions and Artificial Intelligence (AI) will be becoming crucial for supply chain management for any vendor. By the end of 2024, around 50% of supply chain businesses will have invested in AI.
- Data collection and storage should be a priority for companies.
Advanced supply chain mapping software applications on the market can help extract transactional insights and data, which is way better than collecting insights through surveys or sampling. Organizations investing in AI are also looking for advanced data analytics solutions.
Recommended Read: A Comprehensive Guide to Supply Chain Mapping
Various technologies are being used for supply chain digitization, including automated data collection, operations, and decision-making processes. Any company that will transform its supply chain will invest in better service quality, operation efficiency, data insights, and lower costs.
Supply chain companies can use different technologies to separate different functions and centralize their approach for better decision-making. This will help them better use cross-functional insights and data to find multiple layers of valuable information.
The first step would be to transform the supply chain while ensuring it’s gradual, well-thought-out, and not disruptive. Continuous improvement while taking advantage of digital solutions is essential.
A supply chain organization’s digital strategy should match its organizational strategy or vision. It should be able to anticipate the changes and focus on improvement. If it’s a global supply chain, the goals can be diverse, so it’s important to align current business needs with the needs of other stakeholders.
Before using new technology, assess your company’s capabilities. Study the software you already have and determine areas where advanced technology and digitization can be beneficial. Identify all the gaps present between your current and future supply chain.
Finally, how will you source the technology and data for the necessary digitization? It’s a technology and data-driven world, and you can’t overlook the rapidly evolving data science solutions.
Benefits of Supply Chain Mapping
Using digitized supply chain tools like supply chain mapping can improve your organization’s performance in many ways.
- Supply chain mapping streamlines and speeds up your supply chain process. You can identify where a delay is originating from and make necessary adjustments.
- It can also help you identify any potential losses. You can minimize risks and strengthen your relationships with your suppliers. Laying this foundation will help you make future collaboration easier.
- Digital transformation of supply chains allows organizations to reduce future risks. You can become more resilient in dealing with any disruptions. If you know where and who your suppliers are, you can understand the kind of risks you might be exposed to. Mitigating these risks on time can help you save time and money.
- With advanced and modern supply chain mapping tools, you can build better relationships with all your customers. Today, customers prefer knowing where a product is coming from. You can reassure them about where you source your raw materials from. If you don’t contribute to any human and environmental rights violations, you can earn your customers’ loyalty.
- Lastly, supply chain mapping helps with supplier sustainability. You can understand each supplier better and learn about their operations. You can collect data about their performance.
PREDIK Data-Driven has advanced solutions to help companies transform their businesses without stress or disruption. We can assess your requirements and offer you quick yet efficient changes. You can check out our data science solutions, including supply chain mapping tools, market assessment tools, and predictive analytics.
Reach out to us today for a demo.