The Impact of Technology on Supply Chain Management
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The Impact of Technology on Supply Chain Management

By CIOReview | Monday, May 10, 2021

With a technology-based supply chain, companies can better allocate vital products and supplies while saving money, time, and in some cases, even lives.

FREMONT, CA: Prior to the pandemic, most industries' supply chain resiliency was not pushed to the limits, definitely not to the degree that it has recently. Geographic diversification, visibility, and surplus potential for anything from raw materials to finished products are now part of the concept of supply chain resiliency.

Organizations needed at the start of the pandemic and will continue to need a convenient way to forecast Covid-19 events and their existing stock levels, product burn rates, and procurement issues.

It is possible with the right technology and data. Here are some ways that technology can assist businesses in creating a more resilient and proactive supply chain.

Drive Comprehensive Supply Chain Visibility

Global trade has grown significantly in recent decades, resulting in increasingly complex supply chains. Few businesses consider the network of manufacturers, dealers, and other logistics experts crucial to making the transaction happen.

Organizations will more reliably determine their convergence of demand and supply, manage goods more efficiently and sustainably, and better assess possible risks with suppliers with real-time data on the entire supply chain. Using a professional supply-chain analytics platform provides companies with the accurate and reliable data they need to recognize areas of product risk and implement safeguards whether they're dealing with minor disturbances or pandemics.

Effectively Manage a Complex Supplier Network

Organizations require a comprehensive third-party services plan to manage vendors and minimize threats effectively. An advanced solution is a procurement platform that uses real-time data to monitor vendor contracts more efficiently, verify services, automate invoicing and payments, and track supply chain costs all in one place. This integrated and automated solution is a vital, yet often overlooked, connection in managing overall organizational expenditure and allowing productive operations.

Pinpoint and Engage Diverse Supply Chain Partners

In 2020, supplier diversity took on a whole new sense. According to recent research, most customers choose to help small community companies and diverse vendors fill a critical gap in the supply chain.

Even though diverse suppliers solve some of today's most pressing concerns, companies frequently struggle to distinguish various expenditures and recognize skilled, diverse suppliers. To address this, businesses may use optimization technology from third-party providers that incorporate diversity analytics, enabling analysis of diverse supplier spending, and assessing and activating new contracts, all from a single platform.