BUILDING RESILIENT SUPPLY CHAINS

ABHIJIT SENGUPTA, DIRECTOR AND HEAD OF BUSINESS INDIA, SAARC REGION & SOUTHEAST ASIA, HERE TECHNOLOGIES, TELLS INTEGRATION OF TECHNOLOGY WILL HELP COMPANIES SUCCESSFULLY DRIVE SUSTAINABLE, ETHICAL AND ENVIRONMENT-FRIENDLY SUPPLY CHAINS

- ABHIJIT SENGUPTA

How can companies drive supply chain efficiency through digital transformation?

With supply chain disruptions becoming a major side effect of the pandemic, businesses across the world have felt the need to set up a quick response framework in order to get operations back on track. Technology, of course, sits at the heart of this transformation. According to a study released last year by global intelligence firm International Data Corporation (IDC), companies were increasingly investing in digital transformation even before the pandemic hit and this investment continues to grow at a CAGR of 15.5 per cent from 2020 to 2023. It is expected to reach US$ 6.8 trillion as businesses build on existing strategies and investments.

Supply chain efficiency has become a top priority for businesses, especially since the lockdowns and social distancing norms were put in place last year. By integrating technologies like artificial intelligence (AI), machine learning (ML), location intelligence (LI) and spatial technologies, Internet of Things (IoT) and 5G cellular network, companies can build resilient supply chains. The integration of technology will help businesses with tracking and monitoring shipments right at the start of the manufacturing stage in addition to ensuring driver safety and reducing misplacements. It can also provide real-time insights to companies about products and customer requirements, which can, in turn, enable faster decision-making backed by solid data for future strategy planning.