The digital era is forcing businesses to adapt and embrace more agile ways of operating. Two trends are now forcing stakeholders within supply chain management to rethink their strategies. Also, to integrate digital innovation into their daily operations.
Shaping Supply Chains
Data is evidently the new fuel. It is streaming into every type of business at a rapid pace. This data comes from smart devices, social media, online interfaces and many more digitized channels.
For logistics and supply-chain managers, predictive and prescriptive analytics are already presenting a number of smart applications. But most important is to find efficient ways of integrating and using such applications. Such applications include route optimization in real time, increased visibility, faster reaction times to supply chain challenges, and product tracking data to understand customer purchasing behavior and support requirements.
Embracing Online Marketplaces
The second major digital trend that will impact the supply chain is the digitalization of the marketplaces. Mobile-based and online marketplaces platforms will disrupt the status quo within logistics.
This trend will connect sellers, buyers, freight forwarders, financial institutions and many more directly through an open, online platform.
With big data and the emergence of online platforms to better utilize resources within the supply chain, there will soon be very clear who will dominate on the markets. As always, those who have the vision, commitment and skills to harness this ongoing digital transformation will be the ones that will succeed.