What is the next big thing in supply chain?

Supply Chain Trends for 2022 and Beyond. Supply chains, much like living organisms, need to evolve to survive. New technology, like robotic process automation (RPA), cloud computing and artificial intelligence (AI), replaces weak links and alters the supply chain software market at large.

selecthub.com - Supply Chain Trends 2022 | The Future of SCM - SelectHub

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6. Cloud-based Products

Cloud systems offer similar levels of functionality and security as their on-premise counterparts while reducing sunk costs and customization woes that plague traditional software. The cloud SCM market is expected to grow in 2022 and beyond. In fact, a recent Markets and Markets report shows the cloud-based supply chain management market will grow to nearly $45.2 billion in value by 2027. When we spoke to Jim Tompkins, Chairman and CEO of Tompkins International, he gave us a few reasons for this growth. The biggest reason he gave above all else was that “people are over the fear of someone else controlling them.” In the past, many opponents of cloud-based software were worried about an outside party accessing their software, especially with complete control over their uptime and security. But as cloud-based systems gain popularity, vendors work to be reliable and trustworthy business partners. Since people aren’t so afraid of the cloud anymore, they can focus on the actual benefits of this deployment. “Now, [people are starting to think about] speed of implementation, cost of upgrades, the overall lifecycle of the software and working in the cloud environment in a way that follows the best practices of the developer of the product.” Tompkins noted that companies looking to invest in an SCM solution should be ready to adapt to their new system. Many new buyers believe a customized system must match their business’s exact processes and requirements. In reality, businesses should consider configuring SCM products to support their ultimate goals, either through cloud-based flexibility or ultra-customizable on-premise solutions. An on-premise solution allows you to customize your software to support your business processes exactly as they stand. Configurability means your software will support your business overall, but you may find yourself changing some processes to work better with the technology.

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7. AI and IoT

Kushal Nahata, CEO of FarEye, is focused on how software can give businesses a competitive edge. Stakeholders will [need to] know the status of every resource and when and where their shipments are … In today’s time where eCommerce is disrupting the online shopping landscape, supply chain management can be a brand differentiator. In order to keep the customers hooked and loyal towards one brand, a lot of effort [should be put] into upgrading the technology,”

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According to Nahata, the first supply chain management trend to grow is the Internet of Things (IoT). “The main drivers behind the growth of IoT are the availability of cheap and reliable sensors, internet penetration, the massive increment in data storage, processing capabilities and the emergence of AI. The future of IoT will increase productivity in delivery and supply chain industries. Many logistics experts use these new resources to enhance their supply networks, reduce costs and generate revenues.” He also predicts an increase in artificial intelligence to solve the many inefficiencies in today’s supply chains. “The supply chain has historically been like a black box for enterprises, with customers not knowing about their goods’ condition. Due to unpredicted freight movement, manufacturers are losing a lot of time, money and inventory. India alone spends about $160 billion on road logistics, twice [what is spent by] countries with efficient transportation infrastructure.” Nahata stated that many companies are already turning to AI to optimize their supply chains, as it easily reduces time and money spent while speeding up processes. “Artificial intelligence can reinvent business models by revamping how you look at future supply chain management trends. AI analyzes today’s operations patterns to predict the possible outcomes of tomorrow’s scenarios. It automates lower-level decision-making and balances the supply with the forecasted demand. Managers can thus indulge their skills in high-level decision making and strategizing.”

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selecthub.com - Supply Chain Trends 2022 | The Future of SCM - SelectHub

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