Technology is rapidly transitioning into the age of artificial intelligence and nanotechnology. In the business world, business analytics is aiding in decision making through synchronizing aspects of data analytics, machine learning and artificial intelligence. The unexploited potential of technology is validated by the numerous innovative creations and real-time solutions that technology has brought into the world in different spheres of influence ( Wang, Han & Beynon-Davies, 2019 ). It has become extremely difficult to negate technology from all aspects of business operations. These operations include the supply chain, marketing, sales, advertisement, and/or logistics. E-commerce is the booming modern business and its prospects exhibit great promise. This research paper delves into the future of supply chain through analyzing the emerging trends in supply chain and identifying the key areas that need to be improved to increase efficacy in supply chain management.
Technology continues to complement supply chain management teams and the process. The use of autonomous mobile robots (AMR) has the potential of enabling organizations to automate and streamline picking and packing processes ( Syntetos et al., 2016 ). However, this does not prove that supply chain processes are to be taken over by robot technology. There is a profound need for supply chain teams to have hands-on approach to the processes in the supply chain. For instance, the picking process managed by robots depends on real-time data provided by supply chain teams for the packing process. Technology is a supply chain facilitator hence should not be perceived as a replacement of human labor and supply chain teams both currently and in the near future.
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In future, companies will have a great challenge dealing with a variety of customers with diverse needs and expectations (Melnyka, 2009). Consequently, it is rapidly becoming vital to implement segment-based and account-based changes to the processes of the supply chain. The crucial data in the customization along the supply chain include geographic location, product-related needs, and order-related needs. Most of the processes in the supply chain are deemed to be customized in future. Stochastic approach to research reveals that supply chain processes are to be automated and customized to enhance accuracy and improve communications in the supply chain networks ( Birkel & Hartmann, 2020 ). Machine-manned systems such as those operated by intelligent robots are mostly error free, which is contrary to human-manned systems. With increased automation, most processes of the supply chain will be customized and automated.
Another aspect of technology that will eventually revamp the supply chain is the block chain technology. Block chain technology will potentially influence supply chain in the following areas: providing updated and accurate information, guaranteeing accountability in terms of data visibility and information for all the stakeholders and guaranteeing security of all information that is contained within the block chain. According to Gartner, most of the block chain-related supply chain initiatives will fall short of its intended objectives by 2023 ( Birkel & Hartmann, 2020 ). This is because there is no comprehensive understanding of the value of block chain technology among supply chain teams.
Conclusion
The future of supply chain is promising, and reveals that the next technological innovations from block chain technology to artificial intelligence will substantially enhance supply chain processes. One distinctive feature in the supply chain is the use of robots. Robotics and automation is intended to expedite supply chain processes and eradicate errors associated with the complex processes in the supply chain. Most of the changes in supply chain management are due to the advancement in technology. There is a general fear by supply chain teams that technology will replace human labor. However, supply chain teams should be more accepting of technology and improvements in supply chain to increase efficiency and prevent the errors therein.
References
Birkel, H. S., & Hartmann, E. (2020). Internet of Things–the future of managing supply chain risks. Supply Chain Management: An International Journal .
Melnyka, S. A. (2009). Mapping the future of supply chain management: a Delphi study. International Journal of Production Research , 47 (16), 4629–4653.
Syntetos, A. A., Babai, Z., Boylan, J. E., Kolassa, S., & Nikolopoulos, K. (2016). Supply chain forecasting: Theory, practice, their gap and the future. European Journal of Operational Research , 252 (1), 1-26.
Wang, Y., Han, J. H., & Beynon-Davies, P. (2019). Understanding blockchain technology for future supply chains: a systematic literature review and research agenda. Supply Chain Management: An International Journal .
