Discover new financial opportunities with digitalization of your supply chain Digitalization of supply chain is giving businesses a complete transformation in many different aspects. It is about bringing variation in ways in which businesses used to operate and managed their supply chains. A digitized supply chain is supported by multiple web enables services and technologies. Digitalization has been a game changer for many supply chains worldwide. Digital supply chain is built completely on the smart systems that help the organizations save time, money and resources. For digitally transforming your supply chain, it involves various interrelated activities that affect people, process and technology. Digitalization of supply chain depends on the implementation of multiple technologies such as IoT, blockchain, Industry 4.0 and artificial intelligence etc. The major reason behind applying digital technologies to supply chains is to increase efficiency, improve product quality and discover new financial opportunities. Group50 a well-known supply chain consulting firm have managed supply chains of all sizes (20M-$4B) and they use various methodologies for assessing effectiveness. Their supply chain and digital technology subject matter experts focus on leveraging digital supply chain assets at the intersection of people, process and technology. These consultants take a holistic approach to optimizing digital supply chains which includes the integration of systems that are operated by customers, consumers, the company, logistics companies and suppliers, as well as the strategic needs of the business. To understand how well their client’s supply chain is doing they carry out a supply chain effectiveness assessment. Benefits of applying digital technologies to supply chains: The motive behind applying digital technology to supply chains is to enhance efficiency, improve product quality and discover new financial opportunities. Digital supply chain is complex because of the number of components that make it up. Most companies struggle to leverage those investments into lower cost, higher levels of productivity, lower working capital requirements and improved sales. It requires a comprehensive strategy to build a digital supply chain as it should incorporate the organizational structure, processes, assets and systems.
Digital supply chain gives you an insight of the market and its demand. Because of this, your organization never runs out of stock or doesn’t create too much of products which eventually leads to loss. All such glitches get eliminated by applying digital technologies to your supply chain. Digitalization enables in better collaboration at every aspect of the supply chain. Enhanced collaboration leads to decreased time in product development and turnaround time. Digitalization in supply chain is cross functional, which helps in predicting the customers demand, planning priorities and then executing the processes to meet the customers’ demand. Also, it enables in achieving the strategic objectives of the company such as new markets, development of new products and acquisitions and much more. At Group50, they have developed digital technology assessments and workshops, which will help you strategically, arrive at the right decisions and implementation roadmaps for a digitalized supply chain. They pull together the right mix of supply chain consultants, seasoned IT professionals, business process owners and vendors to understand the current state, develop a roadmap to the future state and support its’ implementation. To have more information, talk to Group50’s digital supply chain expert. Visit: https://www.group50.com/