A supply chain is the series of steps it takes to get a product from its original manufacturer to the customer. A supply chain touches every aspect of business, from the production of raw materials, to the manufacturing process, distribution, and finally sales. Understanding how your supply chain works can help you identify inefficiencies and improve your bottom line.
There are many different types of supply chains but they usually have four steps:
- The first step is sourcing raw materials for production.
- The second step is producing the raw materials into finished goods.
- The third step is distributing the finished goods to retailers or customers who will then use them.
- Finally, there is aftercare which includes recycling or disposing of any material that cannot be used.
The supply chain is a complex and intricate process. It is important for companies to be able to monitor the entire process from start to finish. This is where supply chain business intelligence comes into play.
Supply chain business intelligence helps companies understand their supply chains and make better decisions based on the data they collect. They can use this data to improve their performance in the market and stay competitive with other brands.
There are many technologies that can help with supply chain management. These technologies can be used by companies to improve their processes and increase their efficiency. Below is a list of some popular supply chain management technologies:
1. Technology that Automates the Supply Chain Processes: Web-based ERP Software
The web-based ERP system is a software that automates the supply chain process. It is a system that provides all the necessary tools for businesses to manage their operations and keep track of inventory, orders, customers, and vendors.
It can be used by companies of any size and in any industry. It is easy to use and has many features that make it more efficient than other ERP systems.
RFID tags provide real-time visibility on assets that are in transit and can be used to track shipments in real-time. This can help businesses reduce costs and improve customer service by providing faster deliveries.
3. Technology that Provides Data for Decision Making: IoT Sensors
IoT sensors are one way that businesses can get data for decision-making. For example, they can be used to monitor the supply chain process and provide feedback on how things could be improved or optimized in order to save costs.
4. Predictive Analytics
Predictive analytics uses advanced algorithms that are able to make predictions about future events based on current data. These algorithms can be applied on big data sets where they will be able to find patterns and make predictions about what might happen in the future.
Predictive analytics can be applied to a wide range of business domains, including marketing, finance, operations, supply chain management, process optimization and customer service. It is also used in many other fields such as healthcare, education and law enforcement.
5. AI Machine Learning Algorithms
AI and machine learning algorithms are used in supply chains to make decisions. There is an increase in the demand for these technologies because of the advancements in AI. The supply chain technology that provides data for decision making is one of the most popular examples of AI usage on a broad scale.
The use of artificial intelligence in the supply chain process has been a topic of discussion among many people, especially in the field of business management. The reason is that there are so many benefits associated with this technology that it is hard to ignore them. It helps companies improve their operations and make better decisions about future projects and investments by using data generated by AI algorithms and machine learning processes.