How Can Technology Enhance Supply Chain Management?
Technology plays a pivotal role in improving supply chain efficiency. Some key technological advancements include:
Artificial Intelligence (AI): AI algorithms can analyze large datasets to forecast demand more accurately and optimize inventory levels. Internet of Things (IoT): IoT devices provide real-time tracking of goods, enabling better visibility and improved decision-making. Blockchain: This technology ensures transparency and security in transactions by creating an immutable record of the supply chain activities. Automation: Automated processes in warehousing and logistics can significantly reduce human error and increase efficiency.