It is incredible how modern Supply chain management and freight companies are increasingly dependent on advanced technologies. Nonetheless, the sector will be completely different in the next few years as innovation keeps pace. These are the latest technologies that are flourishing that have positively affected supply chain management. In the coming decade, there are more integrated supply chains with improved technology, which will result in more efficient and effective systems. With technology being executed in supply chain management, Professionals will be more efficient and self-driven. This article discusses how technologies have been implemented from a comprehensive supply chain management perspective.
Internet-of-Things (IoT) Technology
IoT is often called telematics in the logistics industry and works on three levels, the hardware infrastructure, which enables data exchange and processing, and the software layer. Internet of Things technology lets companies track and oversee goods in real-time. Real-time information about a shipment’s physical condition serves as a key benefit, as do opportunities for optimization. By using IoT solutions, companies can oversee goods in real-time, ensuring they arrive when and where they should. The logistics industry must maintain both historical and real-time data. IoT computing power has allowed data processing to be relocated closer to networks’ edges thanks to the growth of IoT computing power. It is necessary to capture, analyse, and act on data, with cloud-based services available. Using IoT in conjunction with Robotic Process Automation (RPA), it is possible to eliminate manual inventory processes. Using a network of IoT sensors, it is possible to do predictive analysis, which can lead to contingency plans based on what is detected, allowing for a better understanding of speed, cost, and security of transport.
Artificial Intelligence and Predictive Analytics
In the field of technology, the term “artificial intelligence” is often used interchangeably with automation; however, they have several important differences. Since artificial intelligence (AI) emulates human behaviour, AI is a more considered advanced technology. Despite this, artificial intelligence and automation complement one another. Through prescriptive and predictive analytics, artificial intelligence, for instance, can offer unparalleled benefits to supply chain management. using predictive analytics, freight companies can analyse their supply chain network and offer robust recommendations on how to make it more efficient. By implementing AI, predictive analytics can predict supply chain events even before they occur.