Every day, our lives are becoming more and more digital. Almost everything we do from shopping to entertainment to the way we communicate is largely influenced by digital technology. One industry that has experienced significant transformation thanks to digital technology is the supply chain industry. Nowadays, companies are always looking for modern and effective ways to improve their supply chain.
The term “smart supply chain” is used to describe how different technologies like Artificial Intelligence (AI), the Internet of Things (IoT), and blockchain are being employed to make the supply chain more efficient and reliable. Let’s break these technologies down and understand how they work in a supply chain:
Artificial Intelligence (AI): It’s like a super-smart computer system that’s able to understand, act and learn from different situations on its own without any human assistance. In a supply chain, AI can be used to make predictions, such as forecasting demand and identifying potential issues before they become big problems.
Internet of Things (IoT): IoT has to do with connecting everyday machines and devices through the internet. So, for example, trucks used in the transportation of goods can be connected and tracked, giving real-time updates regarding their locations. This improves tracking and management in the supply chain.
Blockchain: Most people think about Bitcoin or other cryptocurrencies when they hear about blockchain. However, it’s much more than that. You can think of a blockchain as a ledger that keeps a record of all transactions and can’t be tampered with. In a supply chain, it can be used to record the journey of a product, making everything transparent and trustworthy.
It’s clear that digital transformation has become a key factor in the evolution of supply chains. By utilising AI, IoT, and blockchain, businesses can make their operations more efficient and transparent. This does not only benefit the businesses but also the customers, who will receive better service with fewer complications.
In summary, as our world continues to evolve digitally, so will the way we handle our supply chains. Businesses that adopt and adapt to these technologies could gain a significant advantage over those that are slow to jump on the digital train. Because after all, in today’s fast-paced world, a smart supply chain could very well be the secret weapon to staying ahead of the competition.
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