What’s trending in 2019 for Supply Chain Management, you ask? Well, it’s all about the emerging technologies. They say “those who disrupt their industries, change consumer behaviour, alter economics, and transform lives” are the best kind of technology innovators. And in the case of SCM, it has brought about new business models as well.
It’s time for Automated Everything! There are cutting-edge technologies to keep up with, autonomous vehicles and blockchain, augmented analytics and quantum computing. If this all sounds like Greek to you, then read on, we will dissect it for you. From giant shipping corporations to carriers to vendors, and warehouse operators, the logistics industry is fast adopting the latest technologies.
So what are the technological trends that we are looking out for?
From robots to drones, to fully autonomous vehicles, machinery will start to exhibit advanced behaviours that blend in seamlessly with their surroundings and with humans. There are no longer “robotic” interactions, it’s as realistic as possible. And club this with Artificial Intelligence, we are get a whole new world of automated technology that’s responsive in real time.
This is an area of augmented intelligence using machine learning (ML) instead of data scientists to automate the process of data preparation, insight generation, and insight visualization. Minimal human interference, maximum accuracy. It’s the rule of data scientists. The basic setup of data preparation, data management, modern analytics, business process management, process mining and data science platforms are still key to make these augmented analytics a reality.
Creating AI-empowered solutions with predefined rule-based models, assigning AI co-developers to help humans with application development projects. In fact, its predicted that by 2022, at least 40% of new application development projects will have AI co-developers on their team. Power to technology solutions that are driven by technology itself.
Why settle for past data when we can create digital replicas of real-world scenarios to help users apply analytics and rules, to determine the best path forward.
Conversational platforms like virtual reality (VR), augmented reality (AR), and mixed reality (MR) are also used to create case scenarios. It’s expected that by 2020, there will be more than 20 billion connected sensors and endpoints and digital representations will exist for potentially billions of things. Organizations will implement digital twins simply at first. They will evolve them over time, improving their ability to collect and visualize the right data, apply the right analytics and rules, and respond effectively to business objectives. How simple it that?
There is no longer a data leakage with all the data collected in a centralized server somewhere as opposed to on the ground. With cloud-based solutions, the collection and processing of data is directly at the endpoint devices used by end users.
This also means better connectivity between the physical and digital environments. The more humans and technology-enabled systems interact with each other in an increasingly open, connected, coordinated way, the better it is for the business eco system. IoT is the key to connectivity, and with technology at every stage, the business is bound to be better informed to make decisions that make or break companies.
We hear it with correlation to all things Finance, but fret not, the distributed ledger has arrived at SCM as well. It’s used to build trust, provide transparency, and reduce friction across business ecosystems. This is also determining how information is being used by organizations in both the public and private sectors. This in turn makes a case for more digitalization as it comes with a secure unbreakable layer of protection.
Though these are trends that are expected to boom in 2019, technologies like Blockchain are still in their nascent stage in their adaptation for each sector. Come 2019, we will be able to tell how much the influence is.Research Source: Gartner