Supply Chain in New Digital Industry

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Modern technology is rapidly changing the basic business activities in all fields. In the supply chain, businesses need flexible and sensible models to optimize performance and minimize risks to meet the growing needs of customers.

Modern supply chain model is becoming increasingly complex. Performance optimization is being challenged by the increasing demand and diversity of our customers. Here are three suggested solutions to boost the supply chain based on the advantages that advanced digital technology brings.

First, the current data source needs to be upgraded.

Many companies collect data based on business systems, telecommunications devices, sensors and real time feeds. By combining smart devices in operation, they get the updated information only minutes away or even the information is going on.

Second, use smart devices to collect operational data.

Intelligent devices are expected to become the main tool of future data collection. With this kind of data, companies can get a complete picture of the supply chain, anticipate the problem, predict the outcome, propose solutions, and prevent negative impacts. Data collection plays an important role in the digital supply chain.

Third, the use of analytical technology to turn the data into useful information.

Analytical solutions provide key supply chain partners with the right perspective, accurate time forecasts, risk identification, change forecasts and insight into the reform process.

Specifically, the prerequisite for collaborative, efficient supply chain coordination is to allow transparent, accurate data access. Lack of confidence or fear of security will result in lack of transparency. To solve this problem, businesses have created solutions such as “cleanrooms” and digital markets.

Clean rooms are a safe, legal environment that allows sharing of sensitive data (customer needs, cost lists, etc.), allowing participants to better identify and evaluate opportunities for cooperation. In addition, companies use digital markets to transform their supply chain operations internally.

With three solutions above, the company’s supply chain is predicted to be able to optimize its performance based on the continuous improvement of the digital industry. Moreover, it also help companies ensure information transparency, help build trust in the process of collaboration, and promote efficient supply chain processes.­­

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