This article appears in BBN Times and discusses some of the latest gen technology that is and will continue to impact the supply chain. We have covered this topic in various reports within the supply chain finance as well as the technology angle with blockchain, where a primary use case in corporate banking is within trade services.
‘The latest supply chain technological trends majorly focus on new-age and smart technologies like IoT, AI, blockchain, RPA, and so much more, to have seamless and hassle-free management of supply flows while cutting down the operating costs.
Right from product development to its sale, organizations have to pay special attention to streamlining the internal activities for creating an impact on the organization’s bottom line. For offering expeditious service to customers and to gain competitive advantage in the market, in this fast-paced digital world, companies should revise their supply chain activities and services with a focus on appropriate business strategies and state-of-the-art technologies. Technologies will enhance the speed, dynamics, and resilience of internal, as well as, external supply chain operations, which will, in turn, strengthen customer relationships, leading to increased revenue flow.’
Which Tech is Impactful?
The piece goes on to discuss summary forms of cases using the following five technology cases:
- IoT
- Wearables
- AI
- Blockchain
- RPA
One example for blockchain is the utility of smart contracts, where centrally accessed documents can be interwoven with logistics events to initiate a transcation, such as an interim payment.
‘As soon as we place an order for a product, we await its arrival. We check the shipment details every now and then. With blockchain, we can track the status of the product in real-time. We can retrieve the exact location of our package. Blockchain allows supply chain professionals and courier companies to update a blockchain ledger in real-time, which helps customers to track their products by themselves. The reasons for delay can also be recorded on blockchain, which helps customers to have better visibility on why a product is arriving late.’
All in all a good summary description of disruptive tech that will be more visible and prevalent in the next couple of years.
Overview by Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group