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Supply Chain: Applying Technology to Gain Resilience
The global COVID-19 pandemic has forced businesses to reexamine their supply chains. Businesses now want to make supply chains more resilient, more efficient, and better performing.
To do that, businesses are looking to advanced technologies to improve their supply chain. These technologies include robotic warehouse automation, advanced predictive analytics to make better decisions about operations, artificial intelligence to identify trends and patterns, and IoT sensors to track things like location, movement, and temperature. McKinsey identified more than 50 different types of technologies that could potentially be used to improve supply chain operations.
McKinsy advises that “available and emerging supply-chain solutions have the potential to transform the speed, flexibility, and efficiency of organization’s existing processes, and to enable entirely new business models and service offerings. For companies, the challenges lie in understanding which solutions will work for them, and in implementing those solutions faster and more effectively than their competitors. No two supply chains are the same, so that will require a willingness to experiment, and to accept that some experiments will fail.”
