Supply chain technology is a digital equipment that supports the organization and efficiency of a business’s supply chain. At its core, there is a massive volume of data, which is used for making improvements and predict the future.
The most basic supply chain technology allows users to insert their own data and send important messages. However, high-end supply chain technology includes robotics and artificial intelligence to automate processes.
Different Components of Supply Chain Technology
Supply chain technology based on its features and sophistication is powered by various technology. There are some critical technologies operating within the software and platforms you choose to use while implementing.
1. Internet of Things
The Internet of Things is highly powerful. It refers to the network of devices that make connection and data exchange work. For instance, these ‘things have software, sensors, and technology, which are capable of sharing details, without the requirement for human intervention. The IoT ecosystem can be applied to supply chains with real-time data collection. It is used for predictive maintenance, asset tracking, temperature monitoring, and inventory management.
2. Machine Learning and AI
Back in time, supply chain management was based on optimization techniques and algorithms. With the introduction of machine learning and AI, the uses in supply chain management are immeasurable. ML and AI help provide reinforced learning, autocorrection in the supply chain, demand planning, product segmentation, truckload generation, and digital twins.
3. Cloud Computing and Supply Chain Management
Cloud supply chain management functions by way of cloud computing, unlike on-premise equipment. With global supply chains, it is more crucial than ever as cloud computing makes data accessible from almost everywhere and offers cloud backups that can help in protecting against data loss or theft.
4. Blockchain
Blockchain might make you think of digital currencies. However, blockchain has an extensive range of applications, including supply chain management. Supply chains are essentially networks of companies interconnected by the movement of goods. With every ‘link’, a new business will add value to the chain. To keep progressing, each step takes place through a transaction- either of information, goods, or finances. Blockchain that serves like a ledger can be used for recording transactions with just one source of truth, securely.
Challenges of Supply Chain Technology Adoption
As you add supply chain technology by TLS Technology within your business, you can come across some hurdles, since any change comes with its own share of uphill battles.
Let’s take a look at them.
1. Implementation Issues
You might run into implementation issues due to human nature- that is most people are averse to change. People and culture tend to dominate as the topmost implementation barriers. Thus, it is best to spread awareness about supply chain technology.
2. Skill Gaps and Training Requirements
Based on the type of technology you plan to use, you might to train your team on how you are using it. This needs money, time, and planning. There are some supply chain technologies, which can be used with little or no learning.
3. Data Security and Privacy Concerns
Data is profound for supply chains, as is its protection and security. Data should not only be properly implemented but should also be stored and protected during its transfer at every turn.
