Three new developments in the supply chain industry

Tech writer, Lerone Graham, outlines three of the most significant developments in the supple chain industry

4Oct

Before the year is over, only 17% of companies will be operating without the use of automated supply chain management processes. This is a much faster evolution than expected, as experts once predicted that number would be closer to 40%.

The bottom line is that supply chain management is here to stay and will only become a more integral part of the way that all companies operate. Day by day, we're witnessing the field grow by leaps and bounds. As a keen observer of the field, you need to understand exactly how this evolution is taking place, and what you need to know about it.

Consider the news and notes below to be sure that you're in the driver's seat when it comes to understanding the shift that's taking place in supply chain:

The tools of the trade are advancing rapidly

With supply chain rapidly taking off throughout 2018 and going into 2019, so too will the tools of the trade.

The automotive industry will take off as a result of supply chain, particularly when it comes to the production of parts. Manufacturers are rolling out OEM parts in record time due to the machinery and sophisticated sensor technology that crafts these parts with precision. The parts are weighed with greater accuracy, which, in return, allows for automobiles that run smoothly.

Smart inventory management is the next wave in every industry and will allow companies to reduce their operating budgets across the board.

Expect significant growth in supply chain and logistics positions

Tools of the trade aside, the field will need more qualified professionals to keep it afloat for the long haul. Since 20% of supply chain professionals say that they're having issues dealing with fluctuating demand from their consumers, it will take an influx of skilled pros to push the industry and meet the demand.

Academia is recognizing that this is the shift of where jobs will be in the future. For instance, Marquette University recently launched a Masters Degree program in Supply Chain Management and welcomed 10 inaugural students. Gateway Technical College also launched a two-year certificate program in supply chain, with an emphasis on AI and robotics.

Companies in the retail space realize that the sky is falling in some regard, so they'll need to adjust and adapt to keep up, and precise supply chain management will be at the forefront.


Visit Innovation Enterprise's Supply Chain Innovation Summit 2018 in Chicago on October 30–31, 2018


Industries and government are all in on supply chain technology

When businesses and industries go through an evolution, you can always expect the government to make accommodations that help facilitate this process.

Most recently, the House Energy and Commerce Committee announced that they are pushing an initiative that will grow supply chain worldwide by improving infrastructure. Specifically, the committee is making a huge push to get 5G technology in more areas, since speed is half the battle with the supply chain.

This will become a necessity as the demand increases, and it's clear that the federal government is making an effort to get out in front of it.

Consider these points to know the ins and outs of how supply chain is evolving.

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