Supply Chain disruption driven by trade wars and COVID 19 pandemic has catapulted the need for resilience supply chains. The concept of digital supply chains relies heavily on real time data transmitted from a variety of exciting digital technologies such as advanced track and trace, augmented reality and blockchain technology which are able to predict and prescribe function in real time. 3D technology, artificial intelligence, implementation of autonomous vehicles and advanced analytics are the new frontier that are agile and exciting which creates endless possibilities for resilience supply chains. This article discusses these digital technologies that provide information to all supply chain members simultaneously, thus fostering a greater collaboration level and providing inspiration for even better interconnectedness and resilience.
Advanced Track and Trace
Radio frequency identification (RFID),Global Position System (GPS) and Electronic Point of Sale (EPOS) are implemented to increase the efficiency of the supply chain throughout the lifetime. Advanced tracking and tracing is a system used by carriers and courier businesses to track the movement of goods and objects during transit. The commodities are identified and data is relayed to the central processing system at each processing station. This information is then utilised to provide shippers with a status update on the goods’ position. Organisations use this singular view of distribution which offers real-time tracking data which can be accessed via SMS or any web browser. Customers may follow their deliveries by SMS or email, and facility managers can receive notifications based on a variety of factors, giving them visibility and allowing them to plan ahead. This increased visibility assist to better manage on-time delivery performance, control freight costs, meet regulatory obligations, and provide better customer experience.
Blockchain is defined as the digital ledger of transactions that is duplicated and distributed across the supply chain framework. With embedded sensors and RFID tags, blockchain-based supply chain management allows for provenance tracking and record keeping, making information retrieval a breeze. At any moment in time, the product’s history may be traced from its beginning to its current state. Extra costs can be cut while transaction security is maintained with blockchain technology. In addition, the supply chain’s middlemen and intermediaries are eliminated. This decreases the possibility of product duplication and fraud, while also improving record keeping and saving. Smart contracts are digital agreements that is embedded on a blockchain, where a network of computers self-execute the actions when predetermined conditions are met and have been verified. Organisations that use blockchain technology with smart contacts free up billions of dollars that are in limbo due to payment disputes and these disputes can be resolved in seconds rather weeks.