Latest trends in the Supply Chain market?

Digital transformation and process digitization have become a need in today’s evolving market conditions. The companies that catch on are more likely to survive and sustain for a long period of time compared to those who turn a blind eye to technology adoption.

One such company that was quick to adapt to changing technology was Amazon.   

Amazon was one of the first companies to fully grasp how people behaved when purchasing online. The company understood that customers who shop at their store need a wide range of variety, ease of purchase, and prompt service.

User experience matters in any online purchase which is detrimental to ensuring customer satisfaction. Hence, Amazon made sure that all online transaction processes were straightforward. As a result, it is currently very challenging for other online retailers to compete with a dominant competition like Amazon.

According to The Wall Street Journal, Amazon is launching a new service through its Amazon Web Services division as part of the effort to increase technology in the goods-management industry.

The massive online retailer is striving for tighter control and more supply chain efficiency alongside other major players, such as Microsoft, Blue Yonder, E2Open, and Manhattan Associates. 

Looking at Amazon’s case study, it is clear that effective supply chain management requires technological upgradation.

The covid-19 pandemic has further intensified the use of technology. Adoption of technological advancements such as Artificial Intelligence (AI) to track the inventory, assess the raw material requirements, get updates for restocking, etc. This reduces the cost of inventory management and minimizes wastage.

The Internet of Things (IoT) helps the company receive real-time updates on its raw material and finished products. It also gives the company the exact location of its containers or vehicles and tracks the movement of goods. In the case of temperature-sensitive goods such as vegetables, meat, dairy products, chemicals, etc. maintaining the temperature remotely is also facilitated through IoT.

Another important trend to enhance the efficiency of the global supply chain is the use of data. Forbes research states that 84% of chief supply chain officers rely on data to serve their customers better. Accurate data helps them predict future conditions and make better decisions based on the data.

Sourcing and supplier management software helps companies track the availability of raw materials, monitor supplier activities, and plan procurement strategically.

Supply chain visibility software enables companies to know the current status of their goods in transit and the expected time of arrival. The tools also give instant alerts or updates about any expected delays in the shipments. 

Reverse logistics is also a critical part of the logistics & supply chain management of any company. It has the power to enhance customer experience or ruin the reputation of the organization. 

Updating oneself to stay relevant and beat the competition requires continuous learning and upskilling

MIT School of Distance Education (MITSDE) understands the current skills gap in the market and strives hard to reduce it. Hence, MITSDE brings you PGDM in Logistics & Supply Chain Management

The course covers the basics of Supply Chain Management (SCM), analytical software to minimize risk and optimize profits, people management skills for negotiation, working with a diverse group and ethical decision-making, managerial, communication, coordination, organizational, and execution skills.