Digital technology has touched every part of our lives, so it’s no surprise that supply chain management is embracing this transformation. As consumers continue to demand faster delivery times, technology can streamline every step of the process, from forecasting seasonal demand to managing terminal tractors.
What Is Digital Business?
As explained by IT research and advisory firm Gartner, digital business refers to new business designs that combine the digital and physical worlds. A recent study by Gartner found that digital business is second only to the cloud in terms of top investment areas.
Technology provides the means to gather unprecedented amounts of data. Digital business requires an ability to connect directly with customers and partners in order to access, extract and analyze relevant information.
Benefits of Supply Chain Digitalization
– Real-time updates for inventory and freight are readily available.
– Decision-making is more accurate thanks to a greater understanding of supply and demand.
– Companies have the flexibility to respond immediately to sudden changes or disruptions.
Making the Move to Digital
Digitization involves much more than simply overlaying digital apps over current processes. In order to realize the full power of digital, it’s important to examine core processes in terms of how they support digital and align them accordingly.
According to Gartner, although most C-suite leaders believe digital disruptions are inevitable in the near future, only 25 percent of them have a digital strategy in place. As a result, Gartner recommends that businesses make it a priority to develop short- and long-term plans to incorporate digital into their supply chain.
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