The foundation of the modern world’s economy is supply chains. Essentially, the supply chain represents the movement of goods, materials, crops, and/or parts from suppliers through all stages of the manufacturing process, including transportation, warehousing, and retail distribution of finished goods.
Modern supply chains typically include a large number of intermediary links, overseas shipments, complex international logistics, and cross-border collaboration between distantly located partners and suppliers, not to mention numerous cultural, time zone, and language barriers.
This article will cover everything you need to know about supply chain digital transformation and how to improve supply chain efficiency. Before we get into specifics, consider what the most bothers modern supply chains.
Digital Transformation Will Resolve Supply Chain Challenges
Traditional supply chains are prone to numerous errors and potential disruptions, which result in economic loss in the billions of dollars. These chains are prone to becoming disorganised because they rely on numerous complex factors and can hardly withstand the following supply chain issues:
Sudden Supply Chain Disruption
A variety of unforeseeable events, such as political, economic, and climate changes, can cause supply chain disruptions. There is even room for unexpected global shocks and crises, such as the COVID-19 pandemic or Russia’s war on Ukraine, which reveal their monstrous potential to permanently disrupt or destroy thousands of vital and well-tuned supply chains.
This type of problem can arise as a result of poor economic planning, poorly predicted demand peaks, insufficient production, cascade problems from previous supply chain links, local business problems such as supplier bankruptcy, or an emergency like fire, flood or even earthquake that destroys supply stocks.
Weaknesses in supply chain connections
Different supply chain participants frequently exchange data inconsistently, maintain poor communications, and demonstrate a lack of coordination, which reduces their ability to adjust inventories and respond to potential shortages, emergencies, and disruptions in a timely manner.
How can the supply chain be made more efficient and reliable? Traditional supply chains must undergo a complex tech upgrade known as a digital transformation, which is intended to make supply chains better controlled, technology-driven, smarter, more flexible, eco-friendly, and more transparent.
Does that sound right? Let’s get into the specifics.
Digitalization is a multifaceted process that encompasses several major areas of activity. This project can be carried out by specialized supply chain solution companies or by company specialists in-house. Of course, it is recommended that you seek the assistance of supply chain digitalization professionals who are well-versed in all aspects of this process. Let’s look at what needs to be done to improve supply chain efficiency.
Step 1: Create a digital audit checklist for your supply chain.
Make sure to hire a reliable tech partner or use your internal IT department to audit the current state of affairs in your supply chain. Answer the following questions:
Step 2: Establish supply chain performance management key performance indicators (KPIs) and technology implementations scenarios
Supply chain performance management should provide a set of parameters that can be improved with supply chain digitalization.
Step 3: Employ skilled contractors or outsourcers to assist with supply chain digital transformation.
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These are the industry that KATSys™ can cater for:
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