The whole network of the organizations, resources, individuals and technology involved in the creation and sale of a product, from the delivering raw materials from the supplier to the manufacturer, transforming these materials into intermediate or finished products, and then finally distribution of these finished products to customers is called a supply chain.
Analytics and Analysis
The information acquired through supply chain analysis provides companies insights about how to improve products and services, operations, hiring practices, marketing campaigns, among the many. Companies should be using analytics for both internal and external evaluation as this data will help in streamlining entire operations from the purchasing of raw materials to the delivery of the final product.
Supply Chain Optimization Apps
The supply chain apps provide the ability to access real-time information to prevent delays and loss. Businesses of all sizes can benefit people at every level of the supply chain as they can see the existing state of products.
Artificial Intelligence (AI)
Artificial intelligence is used to automate processes and procedures in the supply chain. It eliminates human error, creates efficiency and saves money. AI technology helps in finding patterns, predicting purchasing demands and optimizes inventories.
Internet of Things (IoT)
IoT is used in numerous ways throughout the supply chain process. Drones with sensors provide real-time data to improve supply chain efficiency. It can be used throughout manufacturing and logistics processes, demand management, preventative maintenance, and sourcing applications to minimize downtime, analyze customer behavior and react proactively to customer demands.
As cloud and SaaS continue to grow, companies will need their ERP systems to enable process improvements to meet everyday challenges. ERP systems can hold massive amounts of data, which companies can use for improved analytics and business intelligence, especially within omnichannel and multi-channel environments. Compliance and growth challenges require data to be easily pulled and interpreted, and ERP systems will be leveraged to enhance that process.