Technology and Blockchain Development Company can help in building a reliable solution for businesses to overcome supply chain challenges. In this blog, we have discussed various aspects of how businesses can use tech in the best possible ways.
The supply chain resiliency was never tested before the Covid-19 pandemic, it disrupted the whole supply chain on a global level. These situations have forced companies to look towards technology to seek great solutions in the supply chain. As reported by Gartner, by 2023, at least 50% of the top e-commerce companies will invest in artificial intelligence and advanced analytical solutions for supply chain challenges. In this blog, we have discussed some of the aspects of how tech can be used to overcome supply chain challenges.
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Problems with the Current Supply Chain Tech
The current situations have forced companies to accelerate the process of adapting to technology, but with this, we have also uncovered flaws in the system. As a business one can take the help of a technology or blockchain development company to overcome solutions related to the supply chain.
1. Increase in Freight Costs
Intermodal transport grew by a massive extent in 2021, also doubling the spot prices. The air and sea freight prices have also touched a new height, making it difficult for companies to move freights at high capacities. This, in turn, has forced businesses to look for new and cost-effective solutions.
2. Labour and Material Shortage
Since the pandemic, we saw a huge amount of layoffs in every industry present in the global market. Now corporations are finding it difficult to fill key positions in the supply chain operations role. Humans and materials are scarce and expensive, leading to shortages in industries.
3. Demand Forecasting Limitations
With the whole world being closed shut in 2020, in 2021 we saw a sudden burst in the processes of digitalization. This proceeded in zero benchmarks for people to work around, leaving space for technology adoption in the global supply chain.
Solutions to The Supply Chain Challenges
Technology in the supply chain is changing rapidly. What was once done with paperwork and excel is now being done by smart technologies like IoT, blockchains, AI, etc, for maximum efficiency. Let us look at a few technological advancements which can help in eradicating the challenges that come up in supply chain management.
Blockchain works on a policy that is best suited for tracking the origin of goods and maintaining trust in supply chain processes based on varied attributes. Blockchain in supply chain management ensures the audit trail, which is much more efficient as compared to traditional approaches like bookkeeping or email.
The biggest example of blockchain lies in authorizing track and trace that helps businesses find counterfeit items and fraud instances, ensure that all regulatory requirements are met, and build trust and transparency around the movement of goods. All these factors make blockchain one of the most important and beneficial investments in supply chain management. If you are looking for a reliable solution based on blockchain, you can hire a blockchain development company to build your supply chain solution.
2. Robots and Automation
Robots have and will always play a vital role in supply chain technology. They have been used by the industry for moving materials and for order fulfillment processing. But as AI pushes robots to a greater level of worldliness, these machines will now be able to do human tasks with ease, like picking orders to automated supply chain tech.
3. Artificial Intelligence
Companies are including a combination of technologies in supply chain logistics like machine learning, artificial intelligence, and predictive analysis, these technologies help companies to fully automate warehouse operations, shorten delivery times, manage inventory, increase sales and build new and better relationships with users.
With almost zero to no human involvement, businesses are able to get insights and use large sets of data with the help of algorithms of artificial intelligence and predictive methods
4. Internet of Things (IoT)
It is expected for manufacturers and businesses to spend a lot on IoT involvement in supply chain logistics, most importantly, to support the manufacturing operations and management of freight fleets. By sanctioning location tracking, traffic patterns, monitoring the weather conditions, etc companies will aim to combine IoT and artificial intelligence in supply chain management. Using IoT will also improve security and decrease piracy concerns.
Technology innovation is helping in the growth of supply chain management and logistics. The industry shift from pre-covid to post-covid is a positive sign of what’s to come. With the inclusion of artificial intelligence, IoT, blockchain, and much more, we are only a few steps away from proper digitalization of global supply chain management. Improving the technology that surrounds supply chain management also reduces the risks of future limitations that might arise in the global supply chain market. Looking for a blockchain development company? Connect with Alphonic and get your own supply chain application developed.
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