In the next few years, all chief supply chain officers (CSCOs) must deal with managing and overcoming macro upheavals, whether they be greater digitization and automation demands, geopolitical instability, or increased e-commerce. For supply chain executives to manage those transitions while fulfilling purpose-driven goals and preserving economic sustainability, technological advances are crucial.
The following innovations are what we determine to be the most important to keep an eye on:
1. Hyper Automation
Everything that can be automated will be automated, according to the basic concept of hyper automation.
Machine learning (ML), artificial intelligence (AI), and robotic process automation (RPA) are all technologies that may be used to assist or automate processes that previously needed some kind of human judgment or action.
People and organizations will need to transfer more and more decision-making authority to intelligent apps, physical robots, and software service assistants during the next ten years. Hyper Automation is intended to aid in the automation of transactional operations such as order-to-cash and sophisticated decision-making.
This supply chain technology breakthrough will eventually boost human skills and assist the establishment of an autonomous supply chain.
2. Digital Supply Chain Twin
The digital supply chain twin (DSCT) is a digitized version of the physical supply chain.
It serves as the foundation for local and end-to-end (E2E) decision making by ensuring that all decisions are coordinated horizontally and vertically across the network.
The DSCT is built from all essential data collected across the supply chain and its operational environment. The data must then be meaningfully connected so that predictive and prescriptive analytics may be used to generate and judge/approve the various plans, scenarios, and orders.
3. Immersive Experience and Applications
Users using immersive experience technology may perceive and interact with the virtual environment.
HMDs, wearables, smart glasses, 5G, and even smartphones or tablets give the infrastructure and upgrades to immersive experiences via a combination of graphic processing, AI, and other individual business applications.
4. Edge Ecosystems
Edge ecosystems are made up of edge computing and data-processing apps on the edge. They enable supply chain technology executives to reallocate and plan huge swathes of data-processing power to the enterprise's edges, where objects and people create or make choices.
This supply chain technology innovation, for example, may be used to track and monitor condition or temperature needs throughout a product's life cycle.
5. Supply Chain Security
Supply chain security combines a more complete strategy to addressing security issues such as counterfeits or cybercrime across the E2E supply chain holistically. As more businesses strive for digitally integrated E2E networks, a new generation of scalable supply chain security technology solutions will emerge in the coming years.
6. Environmental, Social, and Governance (ESG)
Global supply networks have a critical role to play in mapping and assessing ESG risks and opportunities. Current technology allows for the monitoring of the sources of items like palm oil or soy, which aligns with corporate biodiversity and climate change goals.
At first glance, ESG may appear to be a "soft topic." However, if businesses do not invest in tools and technological advances that control, forecast, and react to emerging ESG impacts, it may have a major impact on brand or company image, consumer value perception, and the cost and availability of goods.
7. Embedded AI and Analytics
Embedded artificial intelligence and analytics are software features that offer real-time reporting, interactive data visualization, and sophisticated analytics and intelligence directly into an enterprise business application. This supply chain technological breakthrough is extremely beneficial in all supply chain functional domains. Mobile robot controls or intelligent robotic picking systems, for example, in warehouses, can employ embedded analytics to further optimize operations and enhance efficiency.
8. Augmented Data Intelligence
Augmented data intelligence is a collection of technologies that enable enhanced data processing on top of a data lake or platform, as well as the delivery of insightful information, forecasts, and recommendations. These systems gather, correlate, and analyse several data streams in order to give supply chain executives with the information they want.