Every business is evolving with each passing day and the logistics business is no different. The Internet of Things (IoT) is changing several aspects of the supply chain. There have been a lot of innovations, but most of them no longer represent change. We have shortlisted the top 5 supply chain innovations that are revolutionizing the industry.
To deal with a variety of tasks, companies have adopted various robotics solutions that reduce costs, enhance efficiency, increase productivity, and improve accuracy. In today’s scenario, robotics technologies serve many significant functions in the supply chain, from reading bar codes to moving products from one store to another. Robotics also seem to offer a promising future in distribution too.
There is also a perception that robotics is a potential threat to jobs. It’s not always the case. It’s highly likely that the technologies in the supply chain are generating new opportunities as the demand for robotics maintenance and expertise increases.
Innovative Inventory Tracking Technologies
One of the most promising innovations is the evolving ability to embed sensors on packages and equipment to track them throughout their journey and know where exactly they are. These recent advancements in inventory tracking technologies are changing the whole supply chain, especially on speed, cost, and accuracy.
New Inventory Management Systems
The new inventory management systems provide insights and visibility both at a high level and the most granular level. The complicated physical inventory world converted into a computer-based system to make it manageable. One of the biggest expense for most of the organizations is the inventory cost.
As the supply chain is becoming more and more complicated, technologies have become essential. The computer-based system has brought simplicity to inventory optimization, tracking, returning, receiving, and planning.
Companies requiring additional warehouse space or on-demand cargo services are finding solutions in collaborative logistics. For instance, cargo marketplaces enable companies who need quick truck space to find trucks going in the right destinations with required amount of available space. These kinds of solutions reduce storage and shipping costs.
Supply Chain Design and Modelling Tools
If companies want to significantly reduce their shipping cost, they need to rethink their chain design. With the expansion of your distribution centers, you can position main inventory closer to shipping destinations and customers. Placing distribution centers in right locations can eventually reduce shipping cost.
Supply chain design and modeling tools allow you to find a suitable supply chain design for your business by experimenting with multiple scenarios. Though the analysis can be a bit complicated, but it can be beneficial for the company.
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