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April 14, 2023 admin Company Updates No comments yet

What is Procurement Risk Management and Why is it Important?

More importantly, what can you do to effectively manage it? Procurement functions in any organization across the globe is identified […]

April 18, 2023 admin Company Updates No comments yet

The Benefits of implementing e-Procurement System

Procurement functions in any organization world-wide is defined by the ability to conserve costs to purchase or procure goods and […]

April 14, 2023 admin Company Updates No comments yet

Spend Analytics and Its Benefits for Procurement Functions

Procurement functions in any organization across the globe is identified by its ability to conserve costs and maximize savings to […]

Elit's eProcurement in Government Sector

February 22, 2023 admin Use Case No comments yet

E-Procurement in Government and Public Sector

Public procurement is the act of buying or purchasing of goods and services by government or public entities that involve […]

February 17, 2023 admin Use Case No comments yet

E-Procurement in Oil and Gas Industry

Oil & Gas industry has one of the most complex supply-chain and procurement processes. They usually involvebuying, receiving and paying […]

March 9, 2023 admin Use Case No comments yet

E-Procurement in Construction Industry

Procurement in Construction industry depends largely on accurate planning and upgrading the plans at the right time to suit the […]

March 9, 2023 admin Use Case No comments yet

E-Procurement in Manufacturing Industry

Manufacturing is an intricate and complex process involving multiple and various parts such as, raw materials, WIP, machinery and equipment, […]

March 9, 2023 admin Finance No comments yet

7 Reasons Why Procurement is Important for Your Business

Procurement is the process of buying goods and services for your organization. It’s a component of supply chain management. You […]

November 30, 2022 admin Supply Chain Performance No comments yet

A Supply Chain Management Technology Trends suite is experiencing technological advancements.

Supply chain management is one of the most important elements in any business. The right SCM solution can streamline your […]

Today's digital transformation is changing the way businesses operate. Everything from production to storage and logistics is becoming increasingly automated, which means supply chain management (SCM) software is playing an increasingly important role for companies of all sizes. A recent KPMG survey found that 81% of manufacturers are concerned about being left behind by digital competitors . Manufacturers need to adopt new technologies sooner rather than later in order to stay competitive. But with so many different emerging technologies, tools, and solutions available, it can be difficult to know where to begin. Which innovations will have the biggest impact on your business? Where do you invest first? In this blog post, we’ll take a closer look at the future of SCM and discuss how technology innovation is helping businesses become more agile and efficient while also addressing new challenges like climate change and sustainability. Human workforce in the digital age The supply chain workforce is facing a major transformation as a result of digital transformation. Supply chain leaders are increasingly younger, more digitally savvy, and more globally distributed. Many organizations are also seeing an increase in the number of women in leadership positions—including in the supply chain function. These changes reflect important cultural shifts taking place across all industries, including a focus on inclusivity, better workplace flexibility, and a growing emphasis on collaboration and teamwork. On the one hand, the rise of automation and AI will lead to job losses in certain sectors, including SCM. On the other hand, supply chain professionals are increasingly required to operate at a strategic level, partnering with other functions such as marketing and sales to ensure the entire organization is integrated and efficient. Automated supply chain In many ways, the “traditional” supply chain is already largely automated. Imagine a scenario in which the retailer you’re buying from uses a sophisticated software program to choose their inventory, plan their order quantities, and determine how much stock to ship to each of their stores. This same software program is also responsible for sending you a message when your order has been fulfilled. Because of this automation, you receive your order very quickly—sometimes within a few days depending on the terms of your contract. All of these activities are automated, which is why the supply chain has become more efficient over the years. But now, companies are taking automation one step further. For example, autonomous vehicles will likely play a huge role in future SCM. Automated vehicles are expected to account for 75% of all goods transported globally by 2050. Autonomous vehicles have the potential to reduce emissions and increase safety in the transportation industry. They can also help alleviate traffic congestion and make the supply chain more efficient. Blockchain implementation in SCM While blockchain technology is a relatively new field, it is quickly growing in popularity and adoption among businesses. The technology is expected to be worth $20 billion by 2024 and is already being used by many leading brands. Companies like IBM, HP, and SAP have already developed blockchain solutions, and many industries are exploring how blockchain technology can be used to improve their supply chain. For example, companies in the food and beverage industry are exploring the use of blockchain technology to track the origins of their products. Consumers today are especially concerned about the quality and safety of the food they eat, and blockchain may be able to help food companies meet these demands. Robotic automation in supply chain management Robotic automation is another technology that can be used within SCM. It involves the use of autonomous robots to perform tasks that are dangerous, too repetitive, or that require high degrees of precision. This technology is often applied in manufacturing and logistics operations. Robots have been used in these industries for decades, but newer technologies like artificial intelligence, machine learning, and natural language processing are making them more sophisticated. By 2025, it’s estimated that 15% of manufacturing work will be performed by robots. As more and more industries begin to automate, robotics will play an increasingly important role in supply chain management. Robots can help companies drive down costs and improve efficiency. They are also designed to work 24/7 with little to no downtime. And because they are autonomous, robots are able to respond to change quickly and perform tasks with pinpoint accuracy. Supply chain analytics Finally, supply chain analytics is an important tool for businesses as they look to optimize their operations. This type of technology lets companies analyze data and make predictions about what might happen in the future based on what has happened in the past. Supply chain analytics can be used to predict demand, monitor the health of supply chains, and even drive investments. Such insights can help businesses make smarter decisions, identify potential problems, and improve their operations. For example, if a certain type of product is selling particularly well, supply chain analytics may be able to tell you exactly when that product is running low so that you can order more before you sell out. Conclusion This article has explored the future of supply chain management. As businesses continue to evolve and digital transformation becomes more prominent, it’s important for supply chain professionals to keep up with the latest technology trends and innovations. This includes investing in emerging technologies such as artificial intelligence, machine learning, and blockchain. It also means exploring different communication channels and investing in the use of data and analytics within supply chain management. Let ELIT.ai be your partner for Digital Journey! Your ERP is still a worthwhile tool, despite the aggravation it may have caused. It represents a significant improvement over the processes it replaced or improved, and you invested a lot in it. You may turn it into an even better tool yet if you examine the manual labour it leaves in place and look for digital solutions that will eliminate it.

November 16, 2022 admin Supply Chain Performance No comments yet

The Future of Supply Chain Management: What Does the Road Ahead Hold?

Today’s digital transformation is changing the way businesses operate. Everything from production to storage and logistics is becoming increasingly automated, […]

All posts by admin

What is Procurement Risk Management and Why is it Important?

The Benefits of implementing e-Procurement System

Spend Analytics and Its Benefits for Procurement Functions

E-Procurement in Government and Public Sector

E-Procurement in Oil and Gas Industry

E-Procurement in Construction Industry

E-Procurement in Manufacturing Industry

7 Reasons Why Procurement is Important for Your Business

A Supply Chain Management Technology Trends suite is experiencing technological advancements.

The Future of Supply Chain Management: What Does the Road Ahead Hold?

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