By: Emma Miller
Technology is transforming every industry across the globe, and its effectively driving the business world forward as a whole. At the center of all of this is, of course, the bottom line, or the consumers, and how they benefit from the integration of tech solutions into the processes of their favorite brands.
Through the integration of technological solutions such as smart software and artificial intelligence, robotics and even wearable tech for employees, companies are effectively building an edge by providing a better service for their customers.
One of the sectors that benefits the most from this rapid integration is the supply chain sector. Logistics plays a crucial role in getting the product to the consumer as efficiently and effectively as possible, not only for the bottom line, but the company as well. With this in mind, let’s break down some of the key innovations that are transforming the supply chain industry.
Using big data and statistical analysis to build an edge
To anyone who is not a statistical analyst, big data might just seem like a collation of numbers and graphs, but for the versed professional, this is the information they can use to shift the tides of the industry and build a competitive edge for their business. Big data analysis is making a big impact on the supply chain industry, especially not that companies are integrating artificial intelligence into the process in order to identify opportunities in the market.
Consumer tendencies, logistics trends and processes, competitors’ weaknesses and strengths, all of these insights pool together into a comprehensive data sheet you can use to discover customer pain points and make detailed projections for the future of the market. After all, one of the keys to success lies in your ability to be proactive and predict the future.
Who participates? Is there privacy? Can you introduce your own branding? What if you get too many ideas? How do you make decisions? How do you know the value of ideas? ...All of these are common questions for innovators that are first introduced to innovation management software. Gain some clarity by attending our July 14th webinar, which includes an innovation management software demonstration and the opportunity to participate in a live Q&A.
Localizing production and cutting costs with 3D printing
Cutting business expenses is another vital component of long-term success in the field, as running a solvent warehousing business requires continuous and substantial investments into various processes and departments. Over time, the expenses might prove too cumbersome for you to continue to operate nominally.
This is why you need to use technology to cut extraneous expenditure, such as outsourced manufacturing. With the rise and ever-increasing availability of 3D technology in recent years, companies are finally able to reduce expenditure by diminishing labor requirements, inventory costs, and even transportation costs. The technology will also make in-house production a distinct viability once more.
Using innovative software to optimize the supply chain
Smart software is one of the pillars of successful supply chain management, and warehouse management in general. Companies around the world are increasingly adopting warehouse management system technology to automate crucial and menial processes in and out of the warehouse, improve customer service, and optimize finances and invoicing, among other benefits.
Quite simply, if you’re not managing your supply chain through smart software, you are falling behind. Ultimately, it all comes down to reducing errors and minimizing operating costs while improving the bottom line and ensuring complete transparency between the business and the consumer market. Smart software is the way to achieve all of these goals.
Introducing robotics and business-wide automation
Speaking of automation, there is a need to emphasize the importance of robotics in supply chain management, and how it can help warehouses and manufacturers reduce production and pickup times, optimize sorting, and greatly reduce the risk of human error. Not only is this a good way for business owners to optimize payroll expenses, but also long-term investments in labor as well.
Introducing robotics solutions brings increased efficacy in the warehouse, without having to worry about work-related injuries and other potentially crippling scenarios. This allows you to run a smooth operation and deliver a faster service to your customers while maintaining stellar relationships with other partners in your industry.
Investing in autonomous vehicles and eco-fuels
Autonomy is something we are increasingly giving to our AI counterparts nowadays, especially in booming industries that are in dire need of supply chain and logistics efficiency. Again, the key benefit of autonomous technology for the warehouse business lies in the reduction of financial expenditure and the increase in delivery efficiency, as well as safety.
By investing in autonomous vehicles, warehouse owners are able to cut payroll expenses, eliminate the risk of human injury on the road, and even make substantial savings when it comes to fuel consumption and vehicle wear and tear. What’s more, it’s important to note that eco-fuels are also rising in popularity among business owners, not just for the sake of environmentalism, but long-term financial sustainability as well. An eco-friendly delivery vehicle is an investment into a more solvent future, even though diesel will remain the primary fuel source for the industry.
Technology is transforming every industry in the world, and it’s making a big impact on logistics and supply chain management. With these innovations already in use by the industry leaders, be sure to catch up by integrating them into your own processes to ensure long-term success in the field.
About the author
Emma Miller is a digital marketer and blogger from Sydney. After getting a marketing degree she started working with Australian startups on business and marketing development. Emma writes for many relevant, industry related online publications and does a job of an Executive Editor at Bizzmark blog and a guest lecturer at Melbourne University. Interested in marketing, startups and latest business trends.