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06Aug

3 Ways Industry 4.0 Revolutionises The Supply Chain Industry

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3 Ways Industry 4.0 Revolutionises The Supply Chain Industry

Industry 4.0 is rapidly changing the way businesses operate today. Where computers and automation were once a disruptive force in the third industrial revolution, they now underpin key components that characterise the fourth - machine learning and real-time data metrics. Supply chain vendors must harness the power of such smart digital systems to provide more seamless services to customers and further optimise their resources in meeting daily demands. Here’s why.

Harmonisation of processes

A key aspect of Industry 4.0 is the Internet of Things. Its ability to connect various devices through a centralised cloud system supports the easy transmission of data across departments and stakeholders along the supply chain. The improved connectivity allows you to harmonise the communication, management and control of data between suppliers and service providers. Take a look at the world’s largest shipping company Maersk Line – the transparency of and accessibility to data allows it to track their cargo shipments at 342 ports across 121 countries in real time. Industry 4.0 thus gives you greater control over your business without being physically involved in every step of the supply chain.

Greater flexibility

Real-time tracking also gives you the flexibility to immediately react to unanticipated changes in, for example, delivery times and venues, thus enhancing the overall fulfilment process. You can even identify anomalies and make amendments in real-time – all while managing products safely until they reach the intended receivers.

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Predicting future trends

Supply chains can gain insights on factors that influence, for instance, their inventory levels, supplier quality, transportation management and customer satisfaction through machine learning algorithms that consistently find new patterns in their operations daily. These algorithms analyse real-time data without you having to do the manual work. The insights give you the opportunity to grasp what works for your business and what needs improvement. Such predictive accuracy puts you on a competitive edge as you can tap on opportunities to stay ahead of future trends within the industry. By 2020, 95% of supply chain vendors will rely on machine learning algorithms in their solutions – there’s no reason to ignore the power of this tool in your business.

Businesses leveraging on these technologies are witnessing their potential, as we have through our services. It’s time to upskill your workforce so that they are better able to reap the benefits made possible by Industry 4.0.

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