Supply Chain Management has also gone through a transformational phase in the last few years. Now, the end user demands the products in a short span of time. So, to meet their growing demands, logistics companies have to deliver products faster. To stay competitive in the Supply Chain market, logistics companies need to adopt the most advanced technology.   

“Competing in a world of infinite customer choice and increasing distribution complexity will be impossible for firms that don’t upgrade their supply chain innovation and agility quotient”, says Indra Nooyi, former Chairman and CEO of PepsiCo. The complex and digitally connected global supply chains demand sophisticated technologies which can provide the best services to end users. Emerging technologies can help the professionals to better manage and monitor their Supply Chain activities and improve their brand image and drive customer loyalty.

Internet of Things

In the last few years, Supply Chain Visibility came up as an important function in Supply Chain Management. Supply Chain Enterprises or Logistics Companies are now focussing on implementing on cutting edge solutions for real time Supply Chain Visibility. In fact, logistics companies that use real time Supply Chain Visibility have recorded 20% more growth in their business as compared to ordinary logistics companies. Many startups came forward to develop real time Supply Chain Visibility and provide technology that promotes quick response and allow companies to use real time data. The data includes information about traffic, weather, path through which the goods will be supplied.

Also, there are IoT sensors which play an important role in Supply Chain Visibility by tracking the shipments of the products. IoT devices are connected on parcels which help the warehouses in tracking and links to the growth of multiple connections between goods, vehicles, packaging and transportation hubs. Experts believe that the more use of IoT will help to reduce total cost of ownership and make the whole industry more connected which is driven by legislation and customer demand. With the increased adoption of IoT solutions, chances of robbery and piracy, damage in package of product and disruption of refrigeration has been decreased in logistics sector.

Artificial Intelligence

Artificial Intelligence is used for route planning and intelligent transportation in Logistics Industry. Artificial Intelligence has brought a new revolution in logistics from last mile delivery robots and sustainability solutions to automatic picking systems in warehouses. Increasing use of Artificial Intelligence in Supply Chain Management is making big waves across industries. More and more logistics companies have started implementing Artificial Intelligence in the last few years as it allows logistics professionals to do their job more quickly while reducing mistakes and cutting extra costs.

Robotic Process Automation (RPA)

Robotic Process Automation is used for doing the automated repeatable tasks in a more efficient manner. Many logistics companies have embedded Robotic Process Automation into their routing solution. Experts claim that it is not possible to create the best plan for all the simple routes, to do that planners need to go through multiple steps. Here comes the role of Robotics Process Automation as it can model the steps that the best planners need to produce the extraordinary results. These solutions align with the operational needs of many industries. However, the requirement for RPA in logistics industry has increased because the demand of customers for same day fulfilment of online orders is accelerating everywhere.

Machine Learning (ML)

Machine Learning is known to provide logistics companies the ability to maintain high service levels. Machine Learning helps the shipping agents to know about the carriers which delivered on-time and which do not. Also, it gives information about the roads which has more chances for delays, so that it can be avoided for the faster delivery. This technology works with real time visibility solutions to know more about the constraints in path and hence uses that information to give uninterrupted results to stores and the end customer. Machine learning can help in generating a more informed and up to date estimated time of delivery of shipments.

5G Technology

Logistics managers often complain that they face problem in gaining real-time data due to lack of connectivity. 5G has the potential to upgrade the mobile networks through multi-Gbps peak rates and has massive data capacity. 5G has the power to extract large amounts of data concerned with location, temperature and information which is important in the end-to-end supply chain. Many activities and processes are streamlined between multiple devices with the help of 5G.

The Way Forward

It is important for the Supply Chain Technology companies to adapt a mindset that accepts and embraces the everyday changes happening in this sector. The rapid globalization of Supply Chain Management will be impacted by risks like delays in shipments. As a result of which logistics managers are thinking to put more attention to planning and management. Adoption of such innovative technologies into Supply Chain Management will provide a bright future to logistics companies and help to overcome the challenges in the way.