As we move into the future, innovative technology continues to transform the way we live, work and move through the world. When it comes to the supply-chain industry specifically, it has propelled the way we do business in a promising direction and improved internal processes tenfold for greater efficiency and transparency. Here are five ways innovation has transformed the supply-chain industry:
Creates Organizational Transparency
As we become more digitally connected online, businesses are called to be more accountable and transparent in their actions. With that said, customer expectations are higher and standards for service delivery need are expected to be higher as well. Today, supply-chains are structured to give clients complete visibility of the supply chain, from dispatch to delivery. More, corresponding with clients has become nearly instant with the advent of online chat tools that address client concerns and inquiries.
Cultivates Community and Brings People Together
For the supply-chain industry, technology has streamlined processes but it also has led to a lot of integration from an operational perspective. Many warehouses and transport businesses have merged operations, making the supply-chain process less-soiled. Additionally, the new software also eliminates the need for manual labour positions and minimizes the potential for errors.
Enhances Efficiency
The entire supply-chain process is faster and more efficient because of technology – plain and simple. Warehouse and transport systems are equipped to collect data, improve labour management, monitor stock and mitigate loss prevention, which in turn saves money. As mentioned, technology makes it possible to have full visibility of the entire supply-chain. This makes errors easier to catch and makes opportunities for improvement possible. Finally, it streamlines more antiquated processes, making things move way faster.
Faster Communication
It’s no secret that technology has completely transformed the way we communicate. We are no longer bound by geography and can virtually communicate with anyone in the world at all times. When it comes to the supply-chain industry, faster communication has benefited businesses tremendously. New software enables various teams across the supply chain to input data that’s accessible to everyone involved, with the ability to be proactive and rectify issues as they arise in a timely manner.
Transformed Client Expectations
In a society that wants everything yesterday, fast technology and efficiency has created consumers with very high expectations and no patience. With that said, companies in the supply-chain industry have had to adjust their processes accordingly. The advent of e-commerce has made companies highly accountable to consumers and transparent in their processes. If packages don’t arrive in 3 to 5 business day, companies need teams in place to communicate with clients and provide an explanation. Not only that, it’s becoming table stakes to ship and deliver worldwide or internationally. Therefore, companies need to be properly set up to service consumers on a global scale in order to be at par with their competitors.
While technology has positively impacted the supply-chain industry, it has also called into question dated processes and requires companies to be more transparent and accountable to their consumers – which isn’t such a bad thing! That said, we continue to embrace a future of innovation when it comes to the supply-chain industry.