Connected devices in the supply chain continuously capture and share massive quantities of data to monitor critical factors like machine health (e.g., operating temperatures or productivity). IoT applications serve to turn this data into action-oriented information; one example is the use of centrally monitored digital twins for globally distributed manufacturing.

AI and machine learning technologies will also have a profound impact on the future of supply chain planning. These technologies can take massive amounts of demand data sourced through ever-growing demand channels, and learn from historical performance and trends to identify or predict different outcomes. We are seeing impressive results with customers using intelligent automation and machine learning tools to automate the mundane and highly computational process. The beauty in this is that these emerging tech tools are not being used to replace people; it is freeing their time for higher value-added tasks.

Finally, the introduction of blockchain technology provides a single source of truth for an organization across all suppliers and manufacturers, and the ability to track and trace the historical data for each piece of inventory distributed. Real-world events such as fresh produce contamination, if managed successfully with blockchain, would lead to a reduction in inventory loss and direct visibility to the source to stop the event as soon as possible and introduce preventative measures for the future. Blockchain enables access to the complete lineage of where the product was produced and how it has been distributed. In fact, blockchain-enabled applications can reduce the cost of dispute resolution by 30 percent to 50 percent.

Reaping the Rewards

Companies will most easily adopt innovative technology after migrating to a cloud-based SaaS solution. The standalone advantages for supply chain management are undeniable, yet the biggest obstacle we hear from customers is the perception of a cumbersome and costly process of moving to the cloud. One of the most important features when adopting SaaS for supply chain management is that customers can upgrade specific functional supply chain operations and not have to manage a big-bang, on-premise upgrade.

The future of SaaS and emerging technologies in the supply chain is bright and filled with innovation. Our customers who are embracing our SaaS supply chain products are also able to add on innovations such as IoT Cloud, AI Cloud, Blockchain Cloud and are reaping the rewards. While it may seem cumbersome or scary to start, it is worth taking that next step into digital transformation.