Within the world of the supply chain, the uncertainties are becoming higher and higher due to potential risks, changes in the trade as well as changing technologies. These uncertainties provide opportunities.
The enhancement of productivity in the supply chain is not about just how to do procurement, and logistics. In fact, it is to link how product development, design thinking, customer service, and channel management are all integrated because this is a new way.
Need of The Innovation
Innovation is the centrepiece of today’s businesses. Businesses need to innovate the way they work. The after-effects of the global pandemic coronavirus were challenging and complex at the same time. To overcome these difficulties supply chain industry started doing changes in its way of operations. To meet the high expectations of customers they have no choice but to start implementing technologies in their operations.
The Innovations Solving Supply Chain Issues
1. Profound Deliveries In Urban Areas
Nowadays, companies in warehousing and logistics are focusing a lot on solving complex challenges in last-mile delivery. To do so they have started using drones and e-bikes. This will enable them to deliver the products even in complex areas of having limited parking. In many parts of the world, the model of last-mile delivery has completed getting changed, to meet the higher demands and expectations of customers it is becoming digitalized day by day.
2. Using of Radiofrequency Identification (RFID)
One of the most used technology in warehousing and logistics is radio frequency identification (RFID) technology. It involves two key elements first one is an RFID device that sends radio waves and the second one is RFID tags. The tags get pasted on the object, the object can either be any product, animal, or even bird. The RFID Tag carries a chip in it that gets activated after coming in contact with the radio waves of the RFID device. The data of the product gets transmitted from the RFID tag to the RFID device and gets saved in the cloud as well.
This technology enables saving tons of time in the process of warehousing as it is not like the barcode technology which involves a single product at a time scanning. Secondly, RFID technology enables the customer and the business owner to get the real-time status of their product.
3. Implementing Blockchain Technology
To increase the transparency, effectiveness, efficiency, and reliability in the warehousing and logistics industry companies have started implementing blockchain technology. Not to mention blockchain technology is still quite new to the warehousing and logistics industry but still, it holds a lot of promising innovations in inventory management systems. There are many parties involved from point A to point B to point c and so on.
If management wants to use this use an excel sheet or a traditional inventory management system, It’s not efficient, it’s not cheap. The reason behind this is that every movement needs to be tracked and to be recorded. So, blockchain technology is helping to make everything automatic and very efficient and fast without back-office service that costs retailers.
4. Big Data And Artificial Intelligence Technology
Real-time tracking of products and managing their data is so far one of the biggest challenges in the warehousing and logistics industry. To overcome these challenges above mention innovative technologies are being developed and getting implemented. Similarly, big data and artificial intelligence (AI) are also two technologies that are getting used to transform the warehousing and logistics industry by uplifting it in the most phenomenal way possible.
Along with this, the internet of things (IoT) devices are being used so that companies can drive information with any human interaction thus, it reduces the chances of errors. The implementation of big data and artificial intelligence (AI) enables companies to get accurate and actionable information about their customers as well as workflow which indeed enables them to make profound improvements.
Conclusion
To sum up, above mentioned four innovative ways are just the tip of the iceberg. There any many other innovative ways and technologies through which the warehousing and logistics industry are getting transformed astonishingly. All of the various technologies mentioned above have the potential to contribute to the overall growth of the warehousing and logistics industry. These innovations lead to increasing the efficiency, effectiveness, and productivity of the industry.
