using innovative technology to stay competitive
In order to stay competitive, supply chain and procurement companies will need to continue to innovate and integrate new technologies into their operations to gain efficiencies.
In addition to automating warehouse and transport management systems, new technology-based solutions have the potential to add value to the business through precise data collection and analytics. Companies can leverage big data to gain better insights on market trends and target customers, make informed decisions as well as take actions to enhance performance and reduce cost in the long run. Supply chain companies will not only be able to deliver timely and accurate logistical solutions, but also provide a more personalised and valuable experience to their customers.
Executive teams within supply chain companies are expected to tap into emerging technologies to improve their ability to sense and shape market demand. Through advanced data analytics, companies will be able to make informed predictions about the future market supply and demand and adapt their operations to address the anticipated changes. Some innovators within the industry are even experimenting with blockchain technology to enhance traceability and authenticate high-value products such as luxury commodities at a more sustainable cost.
transforming job scopes and talent needs in supply chain
Over the years, supply chain companies have conducted wide-scale restructuring exercises to offshore some functions to low-cost countries in an effort to reduce operational cost. Some of the key manpower considerations included the cost of hiring, availability of qualified talent and level of functional expertise. Organisational restructuring is expected to continue in 2019, as companies look to automate more processes to seek cost efficiencies.