Researchers from the University of Tennessee, took a deep dive into the evolution of supply chain management, and the innovative supply chain tools available for managers. In their first conclusion, they stated that for decades, the highest achievement in supply chain management was the ability to cut costs. But nowadays, this is accompanied with customer satisfaction, efficiency and sustainability, as part of implementing ethical behaviour and standards in the organisation. As further emphasised every area of the business needs to be worked on, in every facet of the supply chain journey – including customers, suppliers, sales and marketing, finance, and senior leadership. 

The digital evolution plays a crucial role here. Managers need to invest in technology to create efficient, sustainable, and socially responsible supply chains.

We’ve listed some exciting emerging technological trends, tools, and innovations, in this industry: 

Big data. There is a significant amount of data at our disposal each day, and it takes complex computing techniques to sort through and analyse this data. Through data science and analytics, valuable insights are gained, bringing value to areas such as quality control, cash flow, warehouse efficiency and more. 

AI and machine learning. This creates semi-automated processes and procedures for supply chain optimisation. Forecasting, planning, implementation, and maintenance is improved by using this technology to emulate human performance and knowledge. 

Internet of things (IoT). This involves the streamlined connection across various devices, to increase visibility and connectivity, and also reduce costs. Warehouse and logistics managers can use IoT devices to securely track inventory and monitor equipment.

5Gs. Facilitates high-level performance, efficiencies, and new user experiences by interconnecting people, machines, objects, and devices in the supply chain.

Cloud computing. It can be used to  track materials, receive real-time updates, and keep customers informed about order statuses. It enhances various aspects, including data storage, integration, security, and information sharing, and more. 

SCM software. Innovative technologies can help companies stay ahead of mistakes, make modifications to orders, communicate across various media channels, automate shipping, and increase efficiencies.

According to Forbes, the speed at which artificial intelligence (AI) evolves and integrates into our lives is only going to increase in 2024. And we already know that its influence in the supply chain is clear. AI and machine learning will boost the end-to-end supply chain by creating:

Actionable data insights. AI can capture huge amounts of data that was not previously there, to increase full supply chain visibility. It improves decisions, reporting, and SC KPIs.

Accurate inventory planning and managing. AI can be used for faster inventory planning and processing, reducing the time to pick and pack orders. This prevents overstocking or unexpected stock-outs.

On-time deliveries. Reduces the dependency on manual inputs and makes deliveries faster, safer and smarter. Shipping transactions and delivery routing is automated, ensuring that customers get their goods on time, where there’s no more bottlenecks.

Greater precision and accuracy. While repetitive tasks are performed by machines, people can focus on more complex activities, making their overall supply chain more productive.

How INControl leverages AI to enhance efficiency, reduce costs, and streamline processes

Smart Automation: AI-powered process automation can automate routine and repetitive tasks within the INControl operational software solution, such as data entry, order processing, and invoice matching. This reduces manual workloads and minimises errors.

Maintenance and Asset Management: ML algorithms can predict equipment maintenance needs by analysing historical maintenance records predicting the following service intervals, minimising downtime and extending asset lifespan.

Supply Chain Optimisation: AI can help optimise supply chain operations by analysing factors like demand, lead times, and transportation costs, creating more efficient resource allocation.

Data Analytics: AI and ML can support data analysis within the system, allowing users to gain insights from complex data sets and make data-driven decisions.

What other emerging technologies are in store for SCM’s? 

Experts predict that these are some more software trends and technologies in the pipeline, to support the industry:

Autonomous mobile robots (AMR). A tool to optimize the picking process.

Truck collaboration. Truck manufacturers and shippers are preparing to invest in manufacturing and collaboration software systems.

Distributed inventory. A tool called distributed inventory flow forecasting (DIFF) predicts the flow of materials, enabling businesses to maximize the order fill rate and maintain reduced inventory.

3D printing. Replicates and produces replacement parts for products using metals and plastics. Rather than stocking items in a large warehouse to be shipped all over the world, companies can contract with local 3D printing shops to print and deliver products within a matter of days. 

Blockchain. With the exchange of goods across different countries, blockchain can  provide more traceability, transparency and security, and helps with the processing of invoices and shipments. It also assists companies with contracts and agreements, and monitoring financial transactions and products.

If you are new to implementing emerging technologies in your supply chain business, or are relatively new to AI – it’s okay. INControl to evaluate your existing structure, and see what we can do for you from a technological perspective to improve your operations. If you are not new to this, there’s always room for improvement in your supply chain, and we can help in that area too. 

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