Keeping pace with the technology supporting SCP
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External market disruption causes an organisation losing value; it could also be the absence of a mitigation strategy or a lack of awareness. Therefore, most organisations spend big money on their yearly financial plan on the investigation of emergent trends.
It seems that all money or efforts invested will never be enough. It is unmanageable to read such a massive volume of at hand content generating a confusing environment, positively driving misinformation.
How can we drive down such gigantic effort and time spent researching reliable sources to identify those buzzing-emerging trends?
The answer could come from experts communicating with numerous clients every day, whilst keeping updated on supply chains (SCs) insights from everywhere, quality and quantity trendy content to consider depending on the area of interest, useful for SC leaders, supporting the fast-track SC digital transformation.
Eight technology trends to watch out for:
· Cloud platforms.
· In-memory computing (IMC.)
· Digital twins.
. Machine Learning.
· Artificial Intelligence.
· Robotic Process Automation (RPA.)
· Internet of Things (IoT.)
· Business networks.
The term ‘Digital Planning’ has multiple definitions depending on the company. Gartner’s experts explain that Digital Planning is about the proper and operative use of digital technology for business planning and decision making. These eight technology trends bring about new conditions which will compel conventional processes to transform.
For instance, SC companies often obtain data from external data sources to provide input for future planning activities. Data comes from all sorts of IoT devices and many places. Such data processing requires Integrated Marketing Communication (IMC) to help with planning speed, granularity, and model flexibility; SCP brings higher volume and data reliability. Companies need to use Advanced Analytics to bring process automation and get awareness from all these newly-found data.
Digital innovation brings SC agility.
It is essential to understand how these SC technology trends will impact the business operating model’s core aspects. Recommendations to leveraging three strategies:
- Support uncertainty – Extend your company’s thinking further than the current way of operating.
- Assume a quick-thinking mindset when pondering new SCP technologies. Put greater importance on conducting tests when assessing the technology capabilities to reinforce end-to-end decision-making procedures.
- Not all emerging technologies are suitable for your company. Focus on those that fit your company’s risk open-mindedness culture and procedure maturity and those showing tangible business value within a short period.
Equip your business leaders with valuable insights, assistant and tools to accomplish their mission-crucial priorities to build up the prosperous company of tomorrow. Build up a mixture of experts, sources, and data-driven research, which will bring about clients to the right decision on concerns that matter the most.
Digital is a crucial priority for most SC leaders; however, fewer have defined or plan to operate SC digital transformation roadmap that can address short-term improvement and a long-term strategic vision. SC digital transformation is proven to bring growth, mitigate risk and optimise costs, but it demands strong alignment among business and SCs strategies to succeed.
Is your company well-equipped to accomplish a SC digital transformation?