How Smart Technologies are Revolutionizing the Supply Chain Management?
We’re living in the digital era where smart technologies are revolutionizing all aspects of business in almost every industry. The logistics industry is no exception in this regard, as it’s using modern technologies to shift towards digitalization and streamline its operations, especially supply chain management.
Supply chain management is a complex process involving managing the movement of goods via various transportation methods. The ever-rising demand for goods and customer expectations have further made it challenging for logistics companies to keep their supply chain streamlined. In this situation, smart technologies have emerged as a savior for the logistics businesses. They’re helping entrepreneurs and enterprises optimize their supply chains, reduce operations costs, and make operations more efficient.
Here, we’ve discussed how different smart technologies are revolutionizing supply chain management in the logistics industry.
How Smart Technologies are Revolutionizing Supply Chain Management?
· IoT (Internet of Things)
As the name implies, IoT (Internet of Things) is a network of interconnected devices. These devices can be physical data-collecting devices, vehicles, automotive parts, or sensor-embedded objects. They can collect data and send it to a cloud-based software for further processing, after which the software produces data-driven results that can be used to streamline supply chain operations more efficiently.
IoT helps businesses to digitalize their supply chain, logistics, and distribution processes. It offers a variety of advantages for supply chain managers, such as:
Real-time tracking of goods
Supply chain managers can track the status and location of goods in real-time during transit by integrating IoT with their system. Real-time tracking is a real game-changer for the logistics industry as it provides consistent visibility of goods during the transportation process to all involved stakeholders.
Logistics businesses use various IoT devices, such as GPS sensors and RFID tags, on their transportation vehicles to collect real-time location data that helps them monitor their goods at every delivery stage.
Digitalized Inventory Management
By integrating IoT sensors with inventory management systems, warehouses are saving money and time. Digitalized inventory management is way more accurate and efficient than managing inventory manually. The IoT sensors consistently monitor the inventory and generate alerts when stocks run low or if there are any other issues with the products.
Many IoT devices are available in the market that can predict when a vehicle or equipment needs maintenance. These devices collect data from different parameters of the vehicle’s engine, such as temperature, vibration, and fuel consumption, analyzing it to create predictive maintenance algorithms. These algorithms indicate whether or not a vehicle is working correctly, helping fleet managers make informed maintenance decisions.
In all these ways, IoT boosts the efficiency and productivity of logistics businesses while reducing overall operational costs.
· Blockchain technology
Blockchain is a smart technology that records the movement of goods via different transportation methods and supply chain processes in a safe, secure, and unchangeable blockchain ledger. After entering the ledger, the data becomes permanent, making it impossible to be tempered. In that way, blockchain brings authenticity to recordkeeping, lowering the risk of errors and fraudulent activity.
Blockchain technology also ensures end-to-end transparency in the supply chain process. It helps logistics companies establish a transparent, reliable chain of custody for goods, making it easier to trace the origin of goods and monitor them in transit.
· AI (Artificial Intelligence)
AI is a powerful, innovative technology that is believed to be the future of supply chain management. Algorithms driven by AI are helping businesses to streamline their supply chain operations. They accurately predict the rise or fall in demand for goods by analyzing historical data and market trends to help supply chain managers make informed decisions.
AI is also helpful in automating various routine supply chain tasks, such as order management, data entry, and inventory monitoring. That not only reduces operations costs of businesses but also helps them improve efficiency.
Through AI-based chatbots, businesses are offering personalized customer service to their clients, entertaining their queries and resolving their issues fast, which is helpful in boosting customer experience.
· RPA (Robotic Process Automation)
As the name suggests, RPA is a technology that uses robotic machines to automate various aspects of supply chain management. Warehouses are using robots to automate their routine tasks, like picking and packing goods. They work precisely with a minimal risk of error.
Conclusion: How has Quintal Logistics become a smart logistics company?
Quintal Logistics strives to implement new smart technologies like IoT, AI, Data Analytics, and RPA to keep up with the competition and offer its customers the best possible service in the industry. By integrating smart technologies into their system, they’re boosting efficiency and agility with a special focus on reducing downtime to offer guaranteed capacity to the customers. If you’re looking for an innovative logistics partner that can handle your supply chain smartly, You can count on Quintal Logistics!