Technology can change the manufacturing and supply chain industry in many ways. By leveraging the right technology, you can create the right product and improve customer satisfaction. Let us look at some technologies that the logistics management, supply chain and manufacturing world will witness in the near future.
Here are 6 technologies that will change how logistics, supply chain and manufacturing industry will conduct their operations.
1. Internet of Things (IoT)
Internet of Things (IoT) is gaining popularity in the logistics and manufacturing world. By attaching IoT sensors to physical goods, you can create a digital twin of the real-life products and assets.
These digital representations will give you access to real-time data. They will also offer greater visibility into supply chain operations. This will help you make real-time business decisions to meet customer demands.
Logistic providers and manufacturers will continue to use IoT to capture data-driven insights. This will help in improving productivity and decision-making.
2. Cloud-Based Commerce Networks
Cloud-based commerce networks will become integral parts of a manufacturer’s IT infrastructure in the next few years.
These networks will help manufacturers facilitate demand awareness, gain supply chain visibility and develop new products. Cloud-based commerce networks will help you move from point-to-point data transmission to interactive hubs.
These hubs help in supporting real-time communication. At the same time, they increase efficiency gains throughout manufacturing supply chains.
3. Advanced Weighing and Shipping Techniques and Equipment
Manufacturers will expand their supply chain to include non-traditional elements like product design and service techniques. Additionally, there will be a huge change in transportation and weighing practices.
The use of advanced techniques and equipment like industrial weighing scales will increase tremendously. You must embrace different trends in freight management to see positive changes.
Lastly, there will be increased use of innovative shipping techniques. These techniques will allow manufacturers to respond faster to customer demands.
4. 3D Printing
This technology will enable manufacturers to reduce risks and costs, and increase agility. It will also help them take control of the product lifecycle.
Suppose you are an auto parts manufacturer. If some machine is undergoing repair work or suddenly breaks down, you will find yourself searching for a workaround. The worst-case scenario would be you shutting down and waiting for days or weeks for a replacement.
With 3D printing technology, you can easily print a new part in-house. It would help you minimize downtime and save a lot of money. In the past, manufacturers had to research, design and source various product materials before their customers ordered an item.
With the help of 3D printing, you can now deliver on the changing customer expectations quickly. It also gives you the ability to minimise production and eliminate the need to store unused inventory in expensive warehouse facilities.
5. Machine Learning
Machine learning uses algorithms and analytics to finds patterns in data, automate processes, and predict outcomes. This will help you effectively forecast and plan for the future.
As a manufacturer or supply chain management, it is important that you are proactive instead of reactive. Don’t wait to fix the machine after it fails; anticipate what could go wrong and prevent it in advance.
Doing this will eliminate unnecessary costs, minimise downtime and boost customer satisfaction. With the help of machine learning, you can reduce the time spent on repetitive tasks and increase productivity and efficiency. You can also optimize your supply chain operations.
Blockchain is a digital ledger system which records transactions in interconnected blocks and distributes that information across huge networks. It is a highly secure and decentralised technology which can offer real-time visibility into any transaction.
Blockchain has been largely associated with cryptocurrencies but it has practical applications for manufacturers and supply chain companies. All the transactions are recorded in connected, time-stamped blocks. This means the suppliers and manufacturers can use blockchain to stay up-to-date on every product, right from testing through order fulfilment.
Technically, no one ‘owns’ the digital ledger and it gets updated continuously. This means it is virtually tamper-proof, which helps in fostering trust between organisations. You can monitor all the transactions in a secure and transparent manner. It also helps in eliminating human error and optimising the supply chain.
If you want to be successful in the dynamic and fast-paced business world, you must aim to become an efficient and intelligent company. By adopting the above-mentioned technologies, you can not only become such a company but also be a threat to your competitors. Don’t think twice about investing in technology like truck scales or 3D printers.