Supply Chain Trends for 2022 – 2023
In 2022 – 2023 companies are looking to emerging technologies to streamline their supply chain. For example, Robotics, Artificial Intelligence (AI), and the Internet of Things (IoT) are a few of these technologies. In 2019 alone, North American companies spent $869M on robotics which includes warehouse mobile robots. Companies are implementing IoT devices to enhance the visibility of their supply chains. For instance, airplanes, trucks, and other modes of transportation can be fitted with sensors, which provide live tracking updates on shipping and delivery. IoT technology in warehouses and retail outlets can also improve visibility in production, inventory management, and predictive maintenance.
Three trends to improve your supply chain visibility are:
- Reduce or eliminate manual processes
- Engage your suppliers
- Streamline processes
Streamlining your processes with new technologies will help you gain visibility into your supply chain. How are you sharing the information you are obtaining through these new processes? Are you falling short of sharing this information with your customers? There are many electronic documents that can be implemented to share this information throughout your supply chain. Purchase Orders, Purchase Order Acknowledgement, Purchase Order Change, Purchase Order Change Acknowledgement, Advanced Ship Notice, Invoice, Warehouse Inventory and Withdrawal, Shipping, and Remittance Advice are the main documents that are part of the electronic order-to-cash process. Have you implemented all of these documents? If not, Innovate Managed Services can help. Innovate can become your extended IT staff to help you implement these documents.