Science & Technology

These technologies will power supply chains globally

Here’s how digital technologies will enhance supply chains in the future

digital technologies

These technologies will power supply chains globally. Source: pixabay.com

According to GlobalData, the COVID-caused limitations are making manufacturers, suppliers, and distributors to reconsider supply chain strategies by adopting digital technologies.

Increasing labor shortages, forced closure of factories, disruptions in delivery routes, and logistics hubs due to lockdowns, along with evolving customer behavior are the major factors driving companies to deploy digital technologies. Technologies that will have the maximum impact include AI, big data, blockchain, digital twins and robotics
Manish Dixit, Principal Disruptive Tech Analyst at GlobalData

The report states that digital technologies in the supply chain help to create new disruptive product offerings, services, and business models.

  • Artificial Intelligence

AI helps businesses to optimize supply and demand gap, automate decision making, and channel warehouse requisites. It also assists in identifying target consumers and bringing bigger visibility on order- to- delivery supply time.

  • Big data

The report has found that US logistics startup Fourkites has used predictive analytics to provide capacity management solutions for logistics companies. Big data can automatically predict the availability of private fleet trucks and match these trucks in accordance with shipping demand.

  • Blockchain

Blockchain offers an open, tamper-proof, distributed record of transactions. In turn, it increases the accuracy and efficiency of supply chain systems.

  • Digital twins

They provide the digital representation of a company’s actual supply chain, which can be used to streamline and manage the supply chains and business strategies.

  • Robotics

Robots in supply chains play a vital role in a broad range of applications beyond the basic transfer of objects. This way, Singaporean manufacturer of warehouse robots, GreyOrange, has introduced a robot sortation system to enable retail, FMCG, and e-commerce companies to manage distribution networks.

We’ve reported that the global gaming industry will be worth at least $159.3 billion in 2020. That’s almost three times bigger than the music industry, whose revenues in 2019 were $57 billion.

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