Companies are being transformed by rapid evolution of technologies and their ability to meet supply chain challenges. During Pandemic, 76% of companies increased the use of digital network technologies, according to a poll. Some of the most innovative solutions used a combination of existing digital applications and emerging technologies.
List of technology innovations is long and quite intimidating. There is acceleration in innovation plus the vendor ecosystem is rapidly developing. For many leadership teams, implementation brings up new challenges and risks, such as scaling solutions across heterogeneous operations. Resulting into some companies taking full advantage of new technologies. Only 8% of firms have achieved their targeted business outcomes from investments in digital technology, as per a recent survey. Several executives are eager to turn their supply chains into a competitive wonder weapon, which innovations will provide the greatest advantage and how they can make the most of exciting new IT solutions. Successful companies view challenges differently.
Supply chain systems can transform through core-light technology in a rapid and flexible way to transform legacy. Many companies are able to reach to this flexibility by shrinking the ERP software core, therefore it becomes a single source of truth for crucial data required by multiple applications.
Recently, many firms who invested in demand planning, forecasting, quality, and logistics systems, but didn’t make them interoperable with the supply chain technology architecture, are now struggling with inconsistent data models. Firms with more flexible architecture eliminate such issues by developing a data strategy and reevaluating current master data-management rules.
Companies that understand their supply-chain organizations requirement for efficient way to secure and exchange data and information with their partners, customers, and the broader ecosystem, succeed. Therefore every input is traced and value is added at every stage of the supply chain, from sourcing of raw materials to distribution to the client. Upstream suppliers and partners in the ecosystem create visibility by pooling information on inputs and the conversion processes these inputs undergo. Circular business models, which extend the lifespan of a product and optimize the environmental footprint of operations, also need to trace products downstream, even beyond the point of sale.