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There is no doubt that in the past year and a half, the supply chain industry has seen many changes. Ever since stay-at-home orders were imposed in almost every part of the world, Statista noted a 21% increase in the number of people using social media - they have relied on such platforms to make their home delivery orders.
At the time, many orders, which required home delivery services, came in fast to the extent that Jeff Bezos, the founder of the giant e-Commerce company, Amazon, broke the multiple financials to become the richest man in the world. He had a net worth of over $2000 billion.
As it stands, it is expected that e-Commerce sales will rise by over 5%, with the supply chain industry expected to play a pivotal role. This year, we can expect the following notable changes in the supply chain industry:
The pandemic has taught us that things can change so fast - the supply chain industry has to be on its toes. This year, we expect to have more agility in the industry; flexibility is needed for the industry to absorb any shocks, whether major or minor.
Predicting natural disasters is very hard. However, with artificial intelligence (AI) and machine learning, supply chain management can develop models that can help us predict future events, thereby enhancing our preparations. At the moment, most supply chain companies have not taken advantage of this technology. However, we can expect more of them to come on board in the coming months or few years.
In the past, visibility and real-time monitoring of risks were very hard to achieve. However, with the introduction of the Internet of Things (IoT), there is boosted transparency across the supply chain. You can fit GPS sensors on all your transportation modes, giving you the ability to track and anticipate trouble. As a result, if anything happens, you can prepare a contingency plan quickly.
On the other hand, the visibility that comes with having sensors in the warehouse makes inventory management easier- in the retail industry, the visibility allows you to gauge your demand appropriately. The main advantage of IoT is that it can be incorporated from the beginning to the end of the supply chain.
Even though automation has been used in most industries for over a decade now, its continued success shows that it will continue to play a pivotal role, especially in the supply chain industry- AI would be critical in achieving this.
With the ability to crunch data quickly, AI can perform algorithms quickly, thereby increasing the rate of service provision. AI also eliminates the possibility of human error and can handle more complex tasks better than humans.
Proper use and improvement of the AI will minimize the time taken for deliveries, faster ordering placements, and easier accounting of the products in the warehouse.
At Elite EXTRA, we are motivated by the direction in which technology is taking, especially in the supply chain industry. We have advanced dispatch technology that you can rely on to help your business grow. We are aware of all the post-pandemic supply chain trends, so we have you covered!
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