A Cautious Approach Towards the Future
The supply chain is the backbone of all industries, making effective supply chain management very crucial for the sustainability of any business. Recent advances in technology have made the field of supply chain very interesting. Accurate GPS tracking and IoT has helped organizations streamline their transport flows, reduce inventory and optimize workflows. Dominos delivered their first pizza through a drone in 2015 while KFC is using facial recognition to identify customers and design customized meals based on their previous orders. Robotics and automation have made facets of the supply chain such as warehouse management and customer support highly effective. All of these technologies are supported and augmented with the help of artificial intelligence, big data, and cloud computing.
The supply chain technology industry is currently valued at $ 14 billion and is only expected to increase in the near future. While the field seems to be very promising, industry professionals need to tread carefully. With most devices now being interconnected, they are susceptible to external hacks. Any security breach these days could lead to the entire infrastructure being compromised. Technology such as autonomous vehicles and drones may seem to be revolutionary concepts but there are many challenges that have to still be addressed. Safety is a key concern, while accountability is another.
It is necessary for organizations to keep these factors in mind while designing their supply chain infrastructure. Technology such as blockchain needs to be incorporated to tighten the security for all devices while also using multi-factor authentication to ensure only authorized personnel gain access to critical information. The future of the supply chain industry is bright and promises to be fascinating but all those involved need to ensure that their technology is converted into assets and not turn into liabilities.