With the pandemic’s disruptive impact, global supply chains have emphasized the demand for organizations to focus on increasing resiliency and risk mitigation.
Digital transformation is here to unlock the potential in supply chain management. The change where suppliers and customers are coming together in entirely new ways and blurring the lines between the physical and digital worlds. It has helped in eradicating the conventional organizational boundaries.
The digitization of the supply chain ensures to decrease incompetence and lower costs while enhancing flexibility. All of these are crucial ingredients for boosting resiliency.
The Digital Era for Supply Chain Management
As the digitization of the supply chain industry continues to emerge, manufacturers are imparted with more tools and software. It helps them collect and translate the data they need to optimize supply chain performance and more comprehensive supply network visibility.
By capitalizing on digital technologies and rising real-time visibility into every part of the supply chain industry, companies can now proactively acknowledge potential risk areas quickly and respond to disruption.
The digital transformation is driven by the convergence of numerous different technological disruptions, including Artificial Intelligence, Big Data analytics, augmented reality, outstanding connectivity via human-to-machine, and machine-to-machine interaction, mobile apps, automation, tracking systems, and 3-D printing. These technological advancements promise to lead in the next-generation digital supply chain.
This digital transformation has transformed the traditional supply chain management in numerous ways. Let’s discuss them in detail.
Emerging Customer Expectations
Since consumer habits are changing, many companies are reevaluating their distribution models. From delayed orders to orders fulfillment, customers want everything to be perfect and quick. As a result, many supply chain units are migrating from their direct stores to real-time inventory management.
This enables order points to be less tied to warehouse inventory levels and more receptive to demand.
During the COVID=19 pandemic, most of the customer transactions shifted online. Now, most companies are building their e-commerce capabilities.
This includes creating digital order forms and online storefronts, providing for remote communication with customers.
Some B2B organizations are shifting to direct-to-consumer and leveraging retailers’ plans to develop their digital customer service capabilities. By leveraging supply chain management tools, many businesses can even showcase new products or service offerings.
Demand-Driven Supply Chain Management
Many businesses might be familiar with demand-driven supply chain management since it isn’t new. So, how is digital transformation related to it?
Conventional methods of demand forecasting are mostly based on historical demand levels. The single data points may not be reflective of the current demand environment.
What is new is the absolute amount of data available and the ability of supply chain management tools to draw insights from it. Innovative analysis of the data can vastly enhance the accuracy of demand forecasting and replenishment.
Machine learning and predictive analytics can account for these extra variables to recognize patterns, predict demand, and anticipate changes.
Development of the Digital Thread
With the digital thread, you can build a communication framework for sharing information and creating a constant feedback loop.
The digital thread requires the integration of workflows and people. This allows the product chain to become more responsive in manufacturing, changes in design, and through-life service provisions.
Eventually, building this digital thread between your suppliers, customers and organization can help collaborate to achieve efficiencies at lower costs.
The real value of the digital thread extends from more reliable business intelligence and greater familiarity with customer behavior and supplier performance.
Mobility Solutions Making A Difference In The Supply Chain Business
We live in a mobile, connected world. A supply chain management software or app can support the business in planning, optimizing workflow capabilities, cutting unnecessary expenses, improving communications, maximizing visibility, and providing a world-class customer experience. Here are some of the advantages that mobile apps have to offer:
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Quick Access and Fast Movements: A mobility solution in the supply chain industry enables companies to acquire bulk data and arrange invoices and structured billing.
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Smart Work with Better Planning Tools: With a mobility solution, multiple parties can access and collaborate on a common platform, thus maintaining service levels.
It is easy for supply chain managers and drivers to stay connected with in-built messages, book and manage jobs, increase depot workforce, schedule and distribute jobs through a mobility platform, with all job taxes and accessorial codes being taken care of.
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Real-time Data Analysis: With mobility solutions, you can provide complete transparency to your customers. You can help your customers with their queries in real-time. The best part is that customers can track the shipment, make preferences regarding the shipment, contact the shipping team, and much more with the help of a mobile app.
Creating a Transformation Road Map
For a supply-chain transformation, the companies need to develop a road map looking several years ahead. It means the company needs to identify operational improvements and digital solutions that will strengthen its existing capabilities and thus deliver the powers described in its vision.
Once a list of possible digital supply chain transformations has been created, the company needs to prioritize them. It also needs to be renewed according to the complexities of digital changes.
These transformations can be easily quantified in terms of service, cost, agility, and capital. But it is always essential to gauge the ease of implementing changes because technology is steadily improving and changing. And eventually, what is impractical today might become practical in a year.
Planning Effective Digital Supply Chain Transformations
A powerful transformation depends on a creative, productive, and forward-looking concept for the future supply chain. It involves thinking about both the opportunity and risk for the company keeping in mind the changing expectations of the customers.
Advancements in digital technology empower companies to improve their supply-chain performance quickly at a decent cost. Ultimately, the company’s strategic goals and the supply-chain vision should be aligned with each other for an increasingly digitized economy.
Ultimately, companies that employ these strategies to supply-chain transformations stand a better chance of capturing the total value that digital technology can provide.
Source: The Digital Transformation in Supply Chain Management
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According to the latest report by IMARC Group, titled “Smart Pole Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global smart pole market exhibited strong growth during 2015-2020.
Looking forward, IMARC Group expects the global market to grow at a CAGR of around 12% during the forecast period (2021-2026).We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries.
These observations will be integrated into the report.Request Free Report Sample:https://www.imarcgroup.com/smart-pole-market/requestsampleSmart pole refers to a lighting system that is integrated with artificial intelligence (AI) sensors, wireless connectivity, intelligent light emitting diode (LED) lighting, and 5G technology to create a smart city.
It utilizes cell-based stations present within the pole that communicate information between multiple parties through real-time data.
Smart poles are commonly used as charging stations for electric vehicles (EVs) and are built with surveillance systems to monitor air quality, traffic, gatherings, crimes, accidents, and unauthorized parking.Rapid urbanization and the rising need to efficiently manage assets and infrastructure are primarily driving the global smart pole market.
Besides this, governments of several nations have been focusing on developing smart city projects and applying the Internet of Things (IoT) to improve air quality, traffic flow, and establish advertising systems, which is further propelling the market growth.
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