Supply Chain Management is the backbone of most businesses. Since the pandemic hit the supply chain and logistics industry, the bounce back in the post-pandemic is plausible. The SCM industry is flourishing with new supply chain innovations and digitization. With the buzzwords around the Internet, such as AL, Cloud Computing, IoT, driverless trucks, etc, the world will see the supply chain industry transformed to the next level.
In this context, we are going to talk about innovation in supply chain management and how companies are taking advantage of the advancements.
The supply chain industry has seen significant innovations in recent years, driven by technological advancements, changing consumer behaviour, and increasing pressure for companies to operate more sustainably. Here are some of the critical supply chain innovations:
AL and ML have revolutionized the already booming e-commerce industry. These technologies can help companies optimize their supply chain operations by predicting demand, identifying bottlenecks, and improving inventory management.
Blockchain technology has revolutionized supply chain management by increasing transparency and traceability of data. This distributed ledger technology has made tracking products from their origin to their final destination easier. It can help reduce the risk of fraud and improve product safety.
IoT Technology has modernized the e-commerce supply chain industry. With IoT devices, companies can track the movement of goods in real-time, with greater visibility into their supply chains. It can help reduce lead times and improve overall efficiency.
Automation has disrupted the supply chain industry. Robotic Process Automation has automated everyday tasks with minimum human intervention and no additional software. With Self-driving trucks and drones, companies can transport goods over long distances, reducing the need for human drivers and improving delivery times.
Also known as additive manufacturing, 3D printing has recently gained vogue. Using this technology, companies can manufacture products on demand, reducing the need for traditional supply chains and enabling companies to be more responsive to changing demand.
As the supply chain management industry adapts to current supply chain trends, businesses should also emphasize making the supply chain cycle more sustainable by reducing their carbon footprint, minimizing waste, and ensuring ethical sourcing. It has led to the development of new materials, packaging, and supply chain models.
Well, these supply chain innovations are helping companies to operate more efficiently, reduce costs, and improve the customer experience. They also enable companies to meet the growing demand for sustainable and ethical products, which is becoming increasingly important to consumers.
In this post-pandemic, supply chain innovations have pushed companies to adapt promptly to this fast-changing environment. Companies are hiring continuously to adapt to this transformation. So if you want to enter the industry, now is the right time to crack the ice. An MBA in Supply Chain Management from a reputed university such as BIBS can help you make the breakthrough. In association with Tech Mahindra Smart Academy for Logistics, BIBS brings forward a 12-month industry-integrated programme for young graduates to extend their learning outside the classroom through a 6-month Apprenticeship program in a real-time learning environment.
To know more about the programme, do check our website.