Future-proofing your supply chain has never been more critical than it is right now. Spurred on by the pandemic, more and more fashion businesses have become less cautious when it comes to adopting supply chain applications and technologies. They now have a willingness to adopt supply chain technologies to rebuild a more resilient supply chain that is connected, smarter, and faster.
New Technologies, New Tools
Easily described as the foundation of the new era of Supply Chain 4.0, there is no denying that technology has helped supply chains meet their challenges head-on. So much so that Gartner Inc. has predicted that by 2023, “50% of large global companies will be using AI, advanced analytics, and IoT in their supply chain operations.” It is a prediction that supports the fact that supply chain technologies can add much needed innovative solutions to supply chains. Which, in turn, means that fashion businesses will find it easier to meet modern and global demands.
Those businesses looking to continue operating in the new normal also embrace long-term, perpetual change. Doing so allows them to get up close and personal with supply chain technologies to invest in the business’s growth. If you are a company that is not sure where to start, then here are seven high in-demand technologies created to make a more permanent impact on your business.
Edge Computing: The Rise of Automated Decision Making
Edge computing is not another buzz word, described as the next generation of innovation. Instead, it is a technology that you will need when there is a demand for low-latency processing and real-time. Edge computing has been making its mark in various industries like manufacturing as a decentralized fashion at the network’s edge. Made up of numerous technologies like sensor networks, data creation through mobile devices, signal processing, peer-to-peer systems, and ad-hoc networking at play, Edge Computing, which is relatively new to the scene, is already making a transformational impact.
Immersive Technology: Amplifying Capabilities
Immersive technologies have been all the rage for a while now. With the ability to save time, improve safety and make tedious tasks easy, the lure of immersive technology, like virtual, augmented, and mixed reality is about user experience and how those users perceive the digital world and interact with it. The good news is that some fashion businesses are already seeing the benefits of investing in immersive technologies and are therefore managing to take their business to the next level.
Predictive Analytics: Making Decision Made Easier
Data is valuable, but it is even more so when you can interpret it correctly, and this is when predictive analytics tools can prove useful. When applied to the supply chain, predictive analytics can help businesses make better decisions and streamline operations. A Gartner Inc. study found that 96% of respondents who use predictive analytics and that 50% use the technology to automate decision making.
Digital Twin: A Representation of the Physical Supply Chain
Simply put, the digital twin is a digital representation of a real-world entity. It creates end-to-end visibility when in sync with the real-world supply chain. Digital Twin technology has moved beyond manufacturing and played a key role in changing how IoT, AI, and analytics are optimized.
Artificial intelligence: Helping Businesses Solve Long-standing Challenges
Turning to AI seems like an obvious choice, but the truth of the matter is that artificial intelligence (AI) already exists in quite a few supply chain solutions. With its capabilities to continually evolve, Christian Titze, vice president analyst with the Gartner Supply Chain Practice, believes that AI technology allows for more visibility and integration across networks of stakeholders that were previously remote or disparate.
Robotics: Improving Speed and Accuracy
Did you know that 938,000 robotic units are expected to work alongside their people by 2022? Capable of helping with low-value everyday tasks within supply chain operations, robotization not only improves speed and accuracy, but it can also be used to streamline and minimize operating overhead.
5G networks: Exploring the Ubiquitous Nature of 5G
Finally, If you want data speed and processing capabilities, then 5G could be the answer. This is because a 5G network in a factory, for example, can minimize latency and enhance real-time visibility and IoT capabilities. Helping fashion businesses reach the next level of supply chain transformation, a 5G-fueled fashion supply chain has the potential to help companies defeat current and future challenges.