Cloud computing allows companies to store data in the cloud instead of on-site servers or local drives, allowing them to access their data anywhere at any time without worrying about latency issues experienced when trying to access data from remote locations such as headquarters or other locations.
Progressive companies have learned to respond quickly and efficiently to supply chain challenges by implementing real-time knowledge management systems. Cloud-based, mobile-enabled solutions allow supervisors at the worksite to notify operators of supply chain difficulties immediately so that workers can address the challenges at hand. With a transparent understanding of each other's operations, companies can build open and collaborative relationships with their vendors and contractors. In addition, these cloud-based solutions can automate the information exchange between organizations and suppliers.
RPA for supply chain
Many industries use RPA, including finance, healthcare, and insurance. It has also found its way into the supply chain industry, with many companies using it to streamline their processes and lower their costs. Using RPA, companies can reduce costs, improve productivity and increase customer satisfaction.
One way to use RPA in supply chain management is to manage its inventory levels by automatically tracking when products are available and how much inventory is left. This automation can help ensure that customers never run out of goods and that the correct level of the product is always available on shelves.
The most common use case for RPA in supply chains is automating tasks such as configuring orders or determining shipping costs. Unfortunately, these activities require workers to perform the same task over and over again. RPA can replace these repetitive tasks with automation to speed up the process while reducing mistakes
Tractica Research estimates that the worldwide sales of warehousing and logistics robots will reach $22.40 billion by the end of 2022.
RPA can automate processes such as:
- Data entry
- Inventory management
- Order fulfilment
- Improve the employee safety index
- Increases organizational efficiency by enabling businesses to respond quickly to changes in demand.
Companies use AI to make their processes more efficient and gain a competitive edge over their competitors.
Here are some examples on how AI is shaping the supply chain industry:
Companies can use AI to analyze data related to inventory management, which will help them make more informed decisions about how much inventory they should carry at any given time.
AI can also be used to identify patterns in purchasing behavior, which can help companies predict demand for specific products or services. This data can then be used to reallocate resources to be available when needed most.
Companies are increasingly using AI to optimize their supply chains by predicting where customers will want them to be based on past trends, weather conditions, and other factors impacting transportation costs and delivery times.
The benefits of this new technology are numerous and include:
- Improved forecasting and demand planning
- Reduced waste and overproduction
- Increased efficiency of operations
- An enhanced collaboration between employees, vendors, and clients
- Reduced risk of human error