The current economic climate means that if you are not innovating within your sector you are falling behind. With the ability to communicate with somebody on the other side of world in real time, the speed of change and how this is communicated is imperative to ongoing success within businesses.
This is true in almost every industry and business function, but none more so than within supply chains.
The level of disruption that can be caused if a supply chain breaks is almost immeasurable. We have seen how natural disasters, political turmoil and tumbling oil prices have all had a massive effect on global supply chains.
This level of change and potential for disruption has hit some companies harder than others. One of the main reasons for this is that the companies who have not fully embraced next generation supply chain technologies are not prepared for the kinds of impacts that these changes have had on their operations across the world.
A significant disruption can be enough to put a successful company under, if deliveries are anything more than a couple of weeks late, then the chances are their customers will simply go elsewhere.
Having the ability and technology to overcome these obstacles is at the very heart of the next generation supply chain.
However, it is about more than simply avoiding disruption when it rears it head.
Creating supply chains that can deliver quicker than a competitor is going to be the key to achieving success in any industry. The best way to achieve this comes through having multiple hubs where goods are held, all controlled and monitored from a central point, allowing companies to quickly deliver.
With supply chains now going global, this ability to track stock and know exactly where something is at any one time is vital to this ongoing success.
There have even been examples of where the supply chains are spread across huge distances or have become complicated due to legislations within various countries. In these cases, if you don’t know where something is at any moment, it is easy for it to get lost in transit.
Adopting new technologies that allow for speed, tracking and flexibility is vital for companies to survive in this economy and ultimately, those who don’t see this importance or adopt it, will lose.