Understanding the future of the digital supply chain is essential to success. We must embrace the possibilities of Big Data, the Internet of things, blockchain technology, predictive analytics, and the growing unrest that these things bring to the industry. Let’s take a closer look at how these technologies will affect the future of supply chain management and your day to day operations.
Avoiding the Future of the Digital Supply Chain Is Impossible.
The future of the digital supply chain is data rich, but growing data complexity inhibits company’s ability to access business insights, reports the publication, “Digital Supply Chain: It’s All about the Data.” The Internet of Things (IoT) serves as a mean for connecting systems together, and Big Data analytics give supply chain leaders insight into granular data. Approximately 1.7 MB of new information is created per minute per person in the modern world, which can be channeled to sustain success in the digital supply chain. Access to this information is great, but it opens the door to risk for businesses that lack insights or felt to make the best, data-based decisions.
The Digital Supply Chain Is a Lineup of Innovative Technologies.
The future of the digital supply chain is entirely data-driven and analytics-powered, reports Accenture. Supply chain operations need to adapt existing supply chain systems to integrate with modern analytical capabilities. The IoT serves as a jumping off point, and supply chain executives can use the data for profound improvements. The connections between supply chains and end-users include manufacturers, logistics providers, retailers, distributors, service partners, suppliers, customers and the customers of business-to-business partners.
Access to data does not necessarily amount to “good” data. Anything can track data, but using data properly to make a real and meaningful improvement in the supply chain is hard. Newer technologies, like predictive analytics, can leverage data, verify its validity, and make recommendations. Of course, the best analytics software will still sell if inaccurate data is part of the equation. This is where blockchain can make a significant impact.
Blockchain technology in the future of the digital supply chain can be leveraged to self-validate and achieve 100-percent, end-to-end visibility, and traceability in all connected supply chain systems.
What to Expect From the Digital Supply Chain in the Coming Years.
According to Richard Howells of Forbes, industry lines are blurring in light of new technologies within the future of the digital supply chain. Whole supply chain networks need information to real-time data analytics, including internal and external collaboration and traceability tools to continue Digital transformation. While many experts suggest better risk mitigation strategies and cloud-based technologies can solve the problems of the digital supply chain, the greatest technology may lie in the future of blockchain. Today, blockchain has a market penetration rate of 1 percent, so the current growth of blockchain is only a fraction of what will happen over the next few years.
More company will turn to blockchain to improve transparency, increase performance, secure transactions, achieve greater traceability and hold all supply chain partners accountable. Companies that successfully utilize Big Data, the IOT, analytics, blockchain, and innovative technologies will reap more than $430 billion and productivity gains by 2020, reports Stephen DeAngelis of Supply Chain Digital.
You might be asking, “What does digital transformation look like today?”
This is a simple question. Companies committed to tapping into the value of innovative technologies for the future of the digital supply chain are working today to deploy connected sensors, gather data, read meaningful insights through analytics and ensure 100-percent accuracy in all data findings
Lead Your Organization Forward With the Right Digital Supply Chain Partner.
Recognizing the technologies used in the future of the digital supply chain can mean the difference between success and failure. Find out the latest news by visiting us online and requesting a demo of our Track and Trace platform.