Four Factors that Stimulate Digital Transformation in the Supply Chains and Logistics Industry
Today the supply chain and logistics industry has been transformed globally from increasing customer expectations and new technologies to emerging competitors and growing uncertainty. Customers want to buy online anytime, anywhere and quickly because of abundant choices.
The management move in a process from supplier to manufacturer to wholesaler to retailer to consumer. It brings together different types of processes and departments. Because of various interconnected entities and processes its difficult to manage the chain. Enterprises get inundated by the huge amount of information coming from suppliers and customers. And possibly human workforce is not enough to handle the processes quickly and error-free. Following are some of the ways that push the digital transformation on supply chains and logistics sector:
Artificial Intelligence (AI) and Data Analytics: Big data analytics can keep track of customer buying patterns and identify cross-selling opportunities. This eliminates the need for guesswork. The correct use and analysis of the huge amount of data available in the sector have the potential to transform it by delivering valuable insights.
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AI helps the process to automate, decision making, reinvent business models, and enhance the customer experience. Chatbots can accurately handle all the manual works constantly with speed and accuracy. Autonomous cars are used to transport goods with fewer incidents of accidents and delivery issues.
Automation: Automation allows supply chain enterprises to cut costs, eliminate errors, speed up processes, and link applications. Also, supports back-office activities, optimizes productivity, and facilitates plain movements of goods.
E-commerce: Manufacturing and distribution are two crucial steps in the process of the chain. E-commerce encourages manufacturers to sell directly to end consumer. This eliminates the need for any intermediaries as suppliers or distributors.
The rise of the Internet of Logistics (IoL): Logistics 4.0 or Internet of Logistics provides a secure, flexible, and interoperable data exchange infrastructure. It enhances the possibilities for the digitalization of multi-modal freight services.
Technologies are more beneficial for the transition than a data-driven approach. Enterprises should be equipped to meet customers’ expectations and cope with shifting paradigm.
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