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Inventory management can be intimidating for an enterprise that has tons of products scattered across hundreds of different geographies. Further, it can be equally daunting to respond and analyse the frequently altering market conditions that influence inventory pricing. This is the reason a number of successful enterprises are increasingly turning to service parts management technology tools for improving their under-optimised supply chain.
Read also: Digitally-Driven Supply Chain Management for Oil & Gas Industry
Access to the right parts and at the right time is extremely critical for an organisation to boost uptime of the products it sells, think of construction equipment, medical equipment, trains, planes, etc., failing to maximise the uptime of such revenue generating assets causes a manufacturer to lose money and customers.
Thus, pricing and inventory management software are witnessing a steep surge in demand to help enterprises enjoy optimum supply chain. Several businesses employ ERP software for effective supply chain visibility. Nevertheless, the burgeoning competition in supply chain is paving way for more advanced tech trends and tools. Here are four tech-based supply chain predictions for 2017:
Compared to other verticals, the supply chain industry has been a bit slow when it comes to embracing the cloud technology. Yes, some enterprises unfortunately still resort to old-school tools such as spreadsheets for service parts management. However, the need for agility is persuading such enterprises to move to cloud and thus, the increase in adoption of cloud technology in the recent years.
Cloud technology enables information sharing that can help with efficient workflows. Furthermore, cloud helps save costs for businesses that lack the necessary resources and budget to maintain on-site enterprise resource planning systems. Thus, supply chain players ought to embrace cloud technology or risk themselves to lag behind in 2017.
Predictive analytics paves way for real-time decision-making and helps foresee both performance and strategy thus, enabling supply chain intelligence. Though its adoption rate is a bit slow, predictive analytics is expected to turn mainstream especially in the aftersales and supply chain domain. It is deemed to become an integral part of supply chain management, as the dependency on trend analysis and forecasting models shoots up.
Also on Sage Software blog: Smart Businesses use Analytics, Successful ones embed it!
Often perceived as a consumer luxury, wearables are fast catching up heat in the B2B segment as well. And as the technology is more inclined towards mobile than tablets/laptops and offers sensory functionalities that other technologies fail to offer, it can be distinctively optimised across supply chain domain. Wearable technology removes the barriers that often accompany handheld devices thus, paving way for seamless and efficient workflows.
Wearables will influence field service processes positively. For manufacturing enterprises, field service expert is the face of the company, who often interacts with customers. The kind of service they offer plays a pivotal role in customer retention/satisfaction and brand image. Businesses especially manufacturing organisations can empower their field service experts with wearable technology to help them respond faster to various customer queries and concerns.
Here’s how wearable technology and cloud ERP will revolutionise businesses!
Drones and driverless vehicles are two disruptive tech trends that are expected to take over the role of humans in the supply chain vertical. Going beyond the ‘home delivery’ thing, drones can be useful for several other purposes in the supply chain domain. For instance, they can monitor performance of remote operation facilities and plants delivering real-time information on maintenance and/or upgrades. Driverless automobiles on the other hand can offer safety advantages, as they can greatly reduce traffic related fatalities whilst providing real-time information on vehicle functionalities and deliveries.
Hurdles though still persist. Regulation, cost, functionality and design ought to be improved and well-defined for these predictions to be a reality. Long story short, enterprises who prefer to hold themselves aloof from the disruptive tech trends will be missing out the fun!
To learn how upcoming technology trends will transform businesses around the globe, contact us here. You can also SMS SAGE to 56767 or drop us a mail at sales@sagesoftware,co.in for free demo and consultation.
Disclaimer: All the information, views and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views or objectives of Sage Software Solutions (P) Ltd.