Currently companies are moving towards only one destination, innovation and investment in technology. When talking about supply management, the trend of the moment is to invest in solutions that present security for companies, in addition to complete data management.
The use of technology implemented in work processes to automate the operation as a whole, has been crucial for companies to achieve not only great results, but also to enhance the performance in the market. In the current scenario, it is already noticeable that the next steps for the future of supply management is to act with software and data innovation.
In this article you will understand the emerging trends and technological innovations that are shaping the future of supply management in retail and industry, as well as how to adapt to the market and grow alongside the big innovation players.
The challenges of supply management
Many of the problems that companies face in their supply chain are tied to the strategic positioning of their operation, with the lack of know-now to make the sectors align their chain, expectation of the next steps and action plans. It is crucial that your chain has a structured process aimed at its growth prospects attentive to emergencies.
Nowadays you can no longer work with unstructured processes, and it is evident that the difficulties that happen in operations are the lack of conversation between the processes. The lack of integration of its processes in supply management hinders not only its internal work but also external, causing locks in internal activities and nonconformity for the final consumer.
Mature companies already understand that to have a successful supply management need to invest in innovation and end operational bottlenecks, one of the most common difficulties is the complexity of companies structuring their internal processes.
Simplifying your processes you end up with a part of the headache, but it is in fact important to be able to centralize your contact flow and processes between sectors and products, because this way you can keep your chain united by mapping the processes, aligning activities performed and avoiding disruptions that reach your production chain. In addition, when you have a centralized chain, you can have a complete view, allowing you to identify possible failures and act against it.
What to invest in for supply management?
It is evident that investment in effective technology to structure and manage their sourcing processes must be made, mainly because consumers are increasingly demanding with their experience to talk to companies. Currently with the new trends and technological innovations, organizations tend to open spaces for market novelties.
The focus of companies is on providing greater efficiency, visibility and agility throughout the supply chain. The use of strategies and innovations to adapt to the market leads companies to a new level, below you can check out some of the trends in supply management that are mapping the next steps of companies through technology and innovation.
What are the trends for supply management to invest
Internet of Things (IoT)
Unsurprisingly, the Internet of Things (IoT) has revolutionized companies and the way they manage supply processes. Through connectivity between devices, smart sensors can provide diverse real-time information from your entire chain of transport conditions and even consumer behavior. This technology enables more accurate visibility into the supply chain, reducing the need for excess inventory and streamlining replenishment processes.
Sales and Operations Planning
S&OP is an essential process for integrating sales and operations activities, improving operational efficiency and driving business growth. The development of a planning between the departments assists in the supply chain directly, optimizing the processes and aligning the company’s objectives for greater authority in decision making, aiming at market strategy obtaining competitive advantage. Implementing an effective S&OP process allows the company to meet ever-changing market challenges more accurately, while also achieving sustainable growth.
Collaborative Planning, Forecasting and Replenishment (CPFR)
Still little explored by the market, CPFR is a strategy of collaboration between retailers and suppliers that aims to improve the planning, forecasting and replenishment of products. The importance of implementing this strategy is the real-time exchange of information between trading partners, enabling an understanding of demand, joint order planning, and proactive actions to meet customer needs. The CPFR has positively impacted supply management in retail and industry in this exchange of information, having market visibility and improving customer satisfaction.
Blockchain
Blockchain technology has been playing an important role in supply management because of traceability and transparency. With the use of smart contracts and immutable records, it is possible to trace every step of the sourcing process, from the origin of the products to the final consumer. Increase the reliability of consumers in the company, ensuring product quality, as well as facilitating the detection and resolution of problems in case of recalls or failures in the supply chain.
Big Data
The dice has become the new pot of gold of the century, betting on Big Data is fundamental in supply management. From data strategies, companies can apply advanced analytics techniques to gain valuable consumer insights. From important information about your behavior, it is possible to map an accurate view for inventory planning and optimization of delivery routes, as well as resulting in a more efficient supply chain and cost reduction.
Artificial Intelligence (AI) and Machine Learning
Both are revolutionizing supply management by automating complex tasks and processes, as we pointed out at the beginning of the article, it all starts by simplifying your chain. AI along with machine learning work directly on your business, such as AI algorithms can analyze historical sales data, external factors and weather forecasts to automatically adjust inventory levels and improve purchasing efficiency. In addition, chatbots and virtual assistants can provide support to customers and resolve supply-related questions, improving the consumer experience.
Robust supply management software
With advancement in the technologies that the market has been presenting, supply management will continue to evolve and adapt to new trends and innovations. There is no need to invest in everything, but currently there are complete solutions on the market, Kikker software ensures efficient supply management and understands market innovations, managing supply operations of large players.
Implementing robust software that meets the company’s technologies and needs is important, having the opportunity to improve efficiency, reduce costs, improve product quality, provide a superior shopping experience to customers, and more. Companies that embrace these changes will be well positioned to meet the challenges and reap the benefits of the future of supply management. Talk to our team of consultants to find the best solutions for you
