We feel it’s fair to say, the supply chain industry is going through an important transformational period.
Most companies already know that supply chain efficiency is key for long-term success. Over the last few years, this sector has seen massive growth. If you’re not staying current, you’re risking being left behind or worse, getting passed by your competition.
Let’s take a closer look at the biggest supply chain management trends we feel are going to take over 2020.
(AI) Artificial Intelligence And (ML) Machine Learning
There’s no question about it, technology is driving the growth of supply chains. Even better, there’s no signs of it slowing down anytime soon. Companies see this opportunity and they’re investing more in technology to increase efficiency.
There’s also major challenges and concerns ahead, especially with threats like cybersecurity. The good news, AI can be used as a shield to guard your company against the threat. AI will continue to grow from strength to strength as processes become more advanced and commonplace in the market.
As more companies focus their attention on green logistics and sustainability, it’s becoming more important for companies to understand how they can implement strategies that are environmental friendly.
Green logistics has one priority goal, minimizing environmental damage through transportation and resource intensive processes. This will include;
Data And Analytics
Supply chain companies know data is the key to massive growth. Big data will give you all the insights you need to make education based decisions. If you’re utilizing your data in the right way, it’s going to give companies the opportunity to better understand their customers and gather vital business intelligence from it.
We discuss this all the time with retailers, your POS data can transform your company if you’re collecting that data, analyzing that data and making decisions based on it. When you have the opportunity to learn more about your customers and what they want, the sky is the limit.
No matter what direction supply chains take in 2020, it remains key that companies in the supply chain space remain flexible and operate with a lean approach in order to achieve sustained success. The new decade will bring lots of change and the companies that are willing to adapt will be the ones that stand to benefit the most.
*Accelerated Analytics publishes resources like this to provide insights to different analytical metrics, data points and formulas. POS Analytics. Please be aware, this doesn’t mean that our product will this metric, data point or formula. To learn exactly what our reporting covers, please feel free to schedule a demo or give us a call. Thanks for understanding.