Traditionally supply chain management was considered a back-office function. In the future, it will be more about delivering a great customer experience. How will the future supply chain be able to provide precisely what the customer wants to a location they choose and at a time that meets their needs?
Supply chain management has historically been seen as a support role. Once relegated to the back burners of newsrooms and boardrooms, the plumbing of global trade has recently risen to the forefront of many discussions. Supply chains need to be adaptable to thrive in uncertain circumstances and meet the shifting demands of customers. The agility of the supply chain is its capacity to adjust its members, network rapidly, and operations to meet its consumers’ shifting and unpredictable demands (Jafari et al., 2021).Consumer organizations can gain the resilience and agility necessary to compete in today’s complicated business climate by reevaluating and, if necessary, redesigning their supply-chain operating models. Most consumer organizations will want to rethink their supply-chain operating models to become more robust, responsive, and agile to survive and prosper. There is no universally applicable solution, and the level of transition required may vary considerably amongst businesses. To succeed in the future, we must focus on providing our customers with an outstanding experience. A question worth asking is; how will the future supply chain ensure that customers always get what they want, when they want it, and where they want it delivered?
Supply chain management’s future is transparency, convenience, and customization. Supply chain management is about more than just logistics: It is about ensuring that every aspect of the chain is fully integrated to provide their customers exactly what they need to improve their overall satisfaction and efficiency levels. When one thinks about supply chain management, so much comes to mind.Like most people, it is probably something like “back-office function” or “nagging headache.” It is not that it is a bad thingâ€”it is just that most people do not take supply chain management seriously. However, if one is looking for a career in the future, one should not be fooled by its seemingly low-tech nature: the role of supply chain management will change dramatically. It may be one of the most critical roles in an organization today. How can you tell? Because when companies look at their supply chains now, they see them as one part of their overall business strategy. Supply chain managers are expected to deliver a great customer experience to grow their businesses and meet customer needs.
It is thus worth making the argument that; the future of supply chain management is one in which the customer always gets exactly what they want when they need it and where they want it. It is a future where customers can buy something from anywhere in the world, at any time, and have it delivered to their front door within hours or days. In order to meet this new demand, we will need to rethink how we manage our supply chains (ThÃ¶ni&Tjoa, 2017). We will need to rethink our methods of production and distribution so that we can deliver on these new demands. This means that companies can customize products for individual customers’ needs and preferencesâ€”without worrying about whether those customizations will work out as expected. This will be hard work for everyone involved. Manufacturers never had to think about how their products are made, suppliers have never had to worry about how their goods are distributed, and retailers have never considered what logistics make sense for a global marketplace. It will take an unprecedented level of collaboration between all parties involvedâ€”and if anyone starts playing favourites or taking shortcuts along the way?
In the future, supply chains will need to be more adaptable to keep up with fluctuating demand and a wide variety of products and distribution channels. Simply put, supply networks will have to be more nimble. The future of supply chain management is in the hands of technology (Parkhi et al., 2015). With the rapid growth of the Internet and smartphones, customers have never been more connected to retailers and manufacturers. They can find out about products before they buy them, compare prices, read reviews and watch videos before making a purchase decision. The ability to find product information also means that customers can be more informed about the process their purchase goes through, from production through transportation to delivery. In order to meet these demands, businesses need to implement technology that will enable them to track shipments and deliveries in real-time. This will allow them to manage their inventory to be delivered on time and at an affordable price. In today’s market environment, businesses face many challenges when it comes down to managing their supply chains, including how they can improve efficiency, reduce costs and increase productivity. The critical challenge for businesses today is ensuring that their supply chains can meet customer demands while maintaining profitability and increasing sales volumes by targeting new markets or expanding into new territories. Companies can reap all these benefits by using technology such as mobile apps or cloud-based solutions while reducing costs associated with manual processes like paperwork.
As a result of Covid-19, Global Supply Chains have come under severe pressure to continue to deliver. How will tools such as ‘predictive analysis’ and ‘artificial intelligence help supply chain professionals better manage risk in the future?
As a result of the COVID-19 pandemic, global supply chains have come under severe pressure to continue to deliver. In order to do so, they must take steps to manage risk and mitigate the impact of the pandemic on their businesses. While many tools can help supply chain professionals better manage risk in the future, predictive analysis and artificial intelligence are two tools that will continue to play an essential role in managing risk for supply chain professionals in years to come.
As a result of Covid-19, Global Supply Chains have come under severe pressure to continue to deliver. In order to be successful in today’s business environment, supply chains must be able to identify potential risks and minimize or eliminate them before they become problems. There are many ways this can be done: by using machine learning algorithms, for example, identifying patterns in data that indicate potential problems before they occur, or by using predictive analytics software programs designed specifically for the supply chain management.Predictive analysis can help reduce risk by identifying potential problems before they occur and allowing for more timely action. This can be done by creating models that forecast potential issues before they occur so that solutions can be put in place well ahead of time. In addition to monitoring current conditions and identifying changes that might impact supply chain performance, predictive analytics programs can also predict future events based on historical data associated with those events.
With supply chain analytics, businesses can increase their profits by providing better customer service, as seen by increased customer retention and acquiring new clients through predictive keyword analysis in social media posts about the company’s products. So, from suppliers to warehouses to retail locations, predictive analytics may help optimize processes at every stage of the supply chain. This method is more effective than historical data and descriptive analytics in making decisions and helps firms improve their performance (Paul et al., 2021). As a result, they can make necessary changes to their business processes faster than before, keeping their supply chain operating smoothly by anticipating future interruptions; prediction systems aid businesses in managing supply chain risks. Costs related to inaccurate demand forecasting can be reduced with the help of predictive analytic models, as can other risks, such as lost sales, stock up, and stockouts. By comparing demand projections to what is manufactured, stored, and shipped, predictive analysis can discover patterns that lead to this risk. To compare actual sales to anticipated sales, this data shows if a company has sufficient stock on hand to meet current demand. By using predictive analytic models, organizations may obtain a valuable understanding of customer behaviour, adapt to customers’ ever-evolving wants and demands, and run more efficient, personalized marketing campaigns. With this method, businesses can boost their sales without suffering too much from the financial consequences of unsold inventory or dramatic price cuts on products that are no longer popular.
Artificial intelligence can help reduce risk by assisting with traditionally manual or repetitive tasks by taking on those roles, such as checking for errors or bugs within software code or identifying potential issues before they occur through data analysis.This type of data is not always easy to come byâ€”but it is becoming more accessible thanks to advances in artificial intelligence (AI), which allow AI systems to identify patterns in data and make predictions based on them (Modgil et al., 2021). Artificial intelligence and data analytics, two of the most promising new technologies, are already successful. The primary goal of implementing AI into the logistics and supply chain is to boost efficiency and output. While increased sustainability is undoubtedly a result of digitization in supply chain management, it is fair to assume that businesses of all sizes are wondering if this digital transformation benefits their supply chain operations. Using analytics to improve supply chains and artificial intelligence As a result of the high stakes, several suppliers and wholesalers have entered the market. Demand planning, real-time inventory management, and end-to-end dynamic margin optimization are all examples of new forms of competitiveness in the supply chain business. Selecting an appropriate response is essential in such circumstances (Paul et al., 2021). Therefore, to handle the complexity of the current supply chain, your company must adopt well-thought-out solutions tailored to your day-to-day operations. The use of AI to improve supply chain management is essential. Companies of all sizes and types have adopted AI because of its widespread usage in various business processes, including the supply chain. In today’s climate, supply chain companies must critically incorporate AI and analytics technologies into their business models.
In a nutshell, Covid-19 has put a tremendous strain on the world’s supply chains, which must keep on providing goods and services without interruption. Predictive analysis can lessen danger by alerting us to impending difficulties in time to prevent their escalation. Foreseeing future problems using models allows for the early implementation of solutions. Risk can be mitigated, however, through the implementation of AI systems that take over previously manual or repetitive duties, such as the testing of software for faults or the prediction of problems through data analysis. These predictive models can be trained on millions of records, so they can be used for anything from predicting how many cases of influenza A or B each year in a given area, or what kind of product will sell well in different regions.
With greater emphasis on’reuse’ and ‘recycleâ€™, how will future supply chains manage the need to incorporate â€˜reverse flowsâ€™ and â€˜circular logisticsâ€™?
Supply chain management is a primary concern for many industries, emphasizing reuse and recycling. As such, there is a growing need for reverse flows and circular logistics. With greater emphasis on â€˜reuse’ and ‘recycle’, companies need to be able to identify and manage these issues within their supply chain. These new challenges will present themselves as more companies seek to use their waste as an opportunity for profit. The smooth operation of the supply chain depends on effective reverse logistics. This method completes the product life cycle while lowering costs, increasing value, and decreasing risk. In order to improve the overall service provided by the supply chain network, reverse logistics expedites the return/reimbursement of items. That means less money is spent on stock, which necessitates a higher return on investment.
With greater emphasis on â€˜reuse’ and ‘recycle’, future supply chains will need to incorporate reverse flows and circular logistics. In today’s world, many companies are looking to reduce waste by reusing or recycling their products rather than disposing of them once they have reached their end-of-life (Nikhat et al., 2021). This is particularly true of electronics companies, which cannot dispose of their old equipment without causing environmental damage. Companies are increasingly looking at ways to use their products again after reaching their end-of-life phase. For example, when a company has finished producing a product, it can sell it again as a refurbished model through online retailers such as eBay or Amazon. In this way, the company can continue to make money from selling second-hand goods whilst also reducing its waste output through recycling old equipment that would otherwise be landfilled or incinerated (Caterpillar). However, there is another way companies can use their old equipment: recycling them into something new! This practice is called reverse flow supply chain management and involves taking used parts from products such as automobiles and turning them into new parts for other products.
The concept of â€˜reuse’ and ‘recycle’ has been a hot topic in the supply chain management community for several years. With an emphasis on reducing the amount of waste produced by companies, this new way of thinking is seeing greater use in the shipping industry. The idea behind reverse flows is that they allow companies to harness the energy in products as they move through their supply chain. In addition, they help eliminate the need to transport raw materials or finished products between countries. The circular logistics model focuses on using reusable components throughout the entire process, allowing them to be reused repeatedly throughout different production stages (Nikhat et al., 2021). Incorporating these new strategies into their business models will require significant effort for companies who want to remain competitive in today’s market economy. With increased emphasis on recycling, companies have started looking for ways to reduce waste; in particular, they are looking for ways to cut down on the number of materials used in manufacturing processes. As a result, some companies have started incorporating reverse flows into their supply chains. For example, if a company makes a product with a long lifespan, it may manufacture it using only recycled materials. This way, the costs associated with manufacturing are reduced while still maintaining high-quality standards.
To accommodate businesses’ growing interest in reusing and recycling, future supply chains will have to adopt concepts like “reverse flows” and “circular logistics.” Companies actively seek to reduce waste due to the growing awareness of the importance of recycling and, in particular, the need to reduce the number of raw materials utilized in production. This has led several businesses to implement reverse flows inside their supply chains.
There are many challenges facing supply chain management. Two of the most difficult to resolve are â€˜last mile deliveryâ€™ and â€˜product returnsâ€™. Describe how new technologies can help to solve these tricky issues.
Supply chain management has recently become hot as businesses strive to reduce costs, improve efficiency, and increase revenue. The industry is constantly evolving and changing to meet the needs of consumers. There are many challenges facing supply chain management, but two of the most difficult to resolve are ‘last mile delivery’ and ‘product returns’. New technologies can help to solve these tricky issues. This means that a company must determine how best to deliver its products to customers without incurring unnecessary costs or delays. It also means that they must ensure that they bring back any products they sell if they are unsatisfied with their customers.
Supply chain management is the process of planning, organizing, and controlling the flow of a company’s products. One of the most challenging aspects of supply chain management is “last mile delivery,” or getting products to customers as soon as possible. Last-mile delivery refers to how long products have been sitting on someone’s doorstep before they are delivered to their final destination. It is often more expensive than simply transporting products by truck or train, so many companies are looking for new ways to improve their bottom lines (Vakulenko et al., 2019). The time it takes to get a product from point A to point B is usually longer than expected by customersâ€”so much so that they do not want to wait any longer than necessary. This means that businesses need a way to get information about their products as soon as possible (and then deliver them quickly).
Product returns are also problematic for supply chain managers. Some retailers have seen an increase in returned products because customers prefer to avoid the colour or style of something they bought online or because they ordered one size too big or too small for their intended use (which can lead to waste). New technology could help by replacing paper-based systems with digital ones that can update information about products on demand without having to print everything out each. Product returns are also an issue for many companies because they cannot afford to lose money on each one due to poor customer service or quality control issues with their products (Vella&Burlando, 2021). A good example would be if a customer returns an item because it does not fit properly or feels uncomfortable when worn; this could result in lost sales that could have been avoided if all customers had been informed of the product’s return policy before purchasing it in the first place
In a nutshell, in today’s world, supply chain management is an essential part of the business. It is so crucial that companies are willing to spend millions of dollars on it. However, despite all the advances in technology and data analysis over the years, supply chain management still has a long way to go before it can be considered fully “solved.” Supply chain management’s two most difficult issues are “last mile delivery” and “product returns.” New technologies can help solve both tricky issues by providing more efficient ways for companies like yours to achieve their goals.
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Paul, L. R., Sadath, L., &Madana, A. (2021). Artificial Intelligence in Predictive Analysis of Insurance and Banking. In Artificial Intelligence (pp. 31-54). CRC Press.https://www.taylorfrancis.com/chapters/edit/10.1201/9781003095910-4/artificial-intelligence-predictive-analysis-insurance-banking-paul-sadath-madana
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Vella, A., &Burlando, C. (2021). E-commerce and the last mile in urban goods distribution: criticalities and the need for change. E-commerce and the last mile in urban goods distribution: criticalities and the need for change, 141-161.https://www.torrossa.com/gs/resourceProxy?an=4978046&publisher=F34885
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