The supply chain landscape constantly evolves, and companies face great pressure to optimize their operations to stay competitive. Technology is a key player in achieving this goal in the digital age.
A recent Alcott Global and Supplify survey revealed that most companies plan to invest in various supply chain technologies to drive operational excellence and improve efficiency. The survey gathered insights from 152 C-level respondents, with 40% from companies valued at over $10 billion.
Technological advancements have helped companies and the supply chain industry address some of the disruptions that occurred in the past years. With the development of artificial intelligence (AI) and machine learning (ML), it is about time for organizations to drive digital transformation and adoption within them. These innovations have revolutionized supply chain management by enhancing decision-making through real-time insights and predictive analytics. In addition, Generative AI (GenAI) now offers advanced predictive analytics and demand forecasting capabilities.
Learning to trust these machines is a key step for many businesses. Overcoming skepticism and building confidence in AI systems is crucial. The benefits of these technologies, such as improved accuracy and efficiency, are too significant to ignore.
True to that, organizations led by supply chain executives are now investing in developing and driving innovation within their organizations. According to the survey, they are most likely to invest in technologies focusing on supply chain planning (49%) to better prepare for future disruptions and promote agility and resiliency to their processes. Other key areas of investment include AI and ML solutions (46%), demand forecasting (37%), and advanced analytics and big data (36%). These technologies can significantly improve supply chain operations by providing real-time insights and enabling data-driven decision-making. Leveraging these technologies helps companies reduce costs, improve efficiency, and enhance customer satisfaction.
When it comes to holistically managing their supply chains, companies are also on the lookout for end-to-end control towers (33%), network optimization (32%), inventory management (28%), and warehouse operations automation (24%).
Digital transformation is vital for supply chain efficiency, and investing in the right technologies is key to achieving this goal. Companies can optimize their supply chain operations and drive operational excellence by understanding the key challenges and leveraging the potential of AI and machine learning.
