As we leapfrog towards the Industry 4.0 era, it’s imperative to remove inefficiencies in the procurement, supply, and distribution of products. This is critical for optimizing operations and redirecting spends and efforts towards more strategic directions. In a recent study, analysts at McKinsey found that efficient supply chains can make a $70 million difference in earnings before tax (EBT) and unlock $85 million as cost reduction, for a $10 billion organization. That’s why investment in supply chain innovation is fast approaching a tipping point with spends snowballing, in the last five years.
So, what are the core technologies powering the digital supply chain? How do they resolve long-standing challenges in the retail sector? Not surprisingly, the five technologies that sit at the top of the pack are automation, predictive analytics, artificial intelligence, IoT, and driverless vehicles/drones.