Over the past decade, customers have been demanding speed, value and service from all industry sectors. It is for this reason that supply chains must continually evolve to meet the ever-changing needs and demands of customers. As 2020 has been a year of unexpected twists and turns, the supply chain has had to learn to adapt quickly and turn towards new mobile technologies to assist in this fast-paced industry.
Blockchain technology allows businesses to have a more traceable and transparent supply chain. It also enables the prevention of counterfeiting within supply chains. This technology can be operated from mobile devices such as smartphones and tablets. This technology is already being used but is particularly popular within the food and beverage industries. This is due to the fact that this blockchain technology is expected to save the food and beverage industry millions in the coming years. However, it is not just the food and beverage industry that can benefit from blockchain technology; it could become a critical component for transporting any goods throughout the supply chain. It will be especially beneficial for industries where there is a small window for goods to be transported, such as the pharmaceutical industry, as many products need to be transported without any changes in temperature.
5G mobile network
5G is the fifth generation of wireless technology which is expected to offer faster upload and download speeds. It will also reduce the time it takes for wireless devices to communicate with each other. As supply chains begin to use more devices which form part of the Internet of Things, they will produce a rich data stream that will enable real-time information to be sent to devices across the globe. It is for this exact reason that a fast wireless network is becoming increasingly important within supply chains around the world. 5G networks are however still in their infancy stage, but as the technology is perfected, it is guaranteed to be used in supply chains. This is definitely a technology all supply chain companies should look out for in the coming years.
Artificial intelligence (AI)
AI is very quickly becoming an essential technology for many industries. The supply chain industry is no exception. With natural language processing and machine learning, AI is able to automate a wide variety of processes such as predicting demand patterns and potential disruptions to the supply chain as well as inventory management and production planning. Using AI within the supply chain has also proved to have a positive effect on worker productivity. AI and machine learning could also be used to meet consumers increasing demands for free and fast delivery of goods as this technology are able to predict inventory, supply and demand better as well as assisting with shipping and returns.