<img height="1" width="1" style="display:none;" alt="" src="https://px.ads.linkedin.com/collect/?pid=2581828&amp;fmt=gif">

The Future of Supply Chain Management: Top Emerging Trends

Rayven, 13 September 2024

With continuing economic globalisation, supply chains have become the lifeblood of virtually all industries. But given their high volume of moving parts (often separated by state lines or even oceans) these expansive logistical operations are no easy feat to oversee. Across the world, supply chain managers face unique challenges when it comes to not only monitoring their supply chains, but also improving them. That’s why the future of supply chain management lies in the advancement of autonomous logistics.

With the rise of autonomous supply chains or “smart supply chains”, supply chain managers can utilise digital technologies and capabilities like advanced data analytics to harvest extensive data points on all their most valuable performance metrics. The ability to record real-time data points is a game changer for supply chain managers, who can use these insights to make data-driven decisions that tailor the development of their operations to better support their wider business goals.

At Rayven, our AI supply chain tracking tool has been developed to provide supply chain managers of today and tomorrow with the ultimate Industry 4.0 investment. A centralised management solution, Rayven’s AI supply chain tracking tool utilises emerging technologies like machine learning algorithm makers and generative AI interfaces to deliver real-time data insights designed to revolutionise your supply chain operations.

To unpack how our tool relates to the ultimate goal of autonomous logistics, our experts will be sharing their own insights into the future of supply chain management, covering everything from current to emerging trends in supply chain tracking, as well as covering some of key areas for future innovation and what you can expect to see from advanced supply chain technologies. 

To finish it all off, we’ll outline some of the key benefits of early adoption, sharing how your enterprise can maintain a competitive advantage by establishing your smart supply chain now and embracing the transformative tradewinds of Industry 4.0 today.

Top Current Trends in Smart Supply Chain Management

As a naturally decentralised operation, the idea of a centralised supply chain tracking solution can feel counterintuitive at first. But the best digital solutions are always tailor-made to fit the industries and worksites that use them. This transitional period from the information age through to the digital age has provided our engineers and designers at Rayven with an ideal training ground for their digital supply chain technologies.

Here are just some of the tried and tested solutions that strengthen global supply chains today.

AI & Machine Learning

Whilst the first wave of digital transformation efforts for most companies involved installing and designing IoT networks, the second wave undeniably covers ensuring that these networks are optimised to provide the information you need to improve your operations. This is where generative AI comes into the picture. Our advanced supply chain technologies here at Rayven are powered by machine learning algorithms that have been tailored to your business, built over time by recording and responding to your performance data.

These algorithms can be created and even tested in our platform’s integrated Machine Learning Studio, equipping your supply chain with the power of predictive analytics. By being able to not only draw from historical data but also real-time performance data recorded by IoT devices across your supply chain, our AI supply chain tracking tool can provide accurate forecasts and predictive insights as they’re detected, helping you stay proactive.

But the value of our machine learning (ML) solutions don’t just stop there. These ML algorithms can also be used to develop LLMs (large language models), trained to interpret your data in new and innovative ways. Supply chain managers can communicate with their platform’s LLM by accessing an integrated generative AI interface with chat features. Instead of poring through all your growing data sets yourself, all you need to do is ask questions. The more data you have, the more answers your generative AI can provide.

Data Management & Interpretation

As Industry 4.0 is set to be defined by data management, it stands to reason that supply chain managers who are able to invest in their data now can stay ahead of the curve as data analytics capabilities grow increasingly dynamic. As innovations in data science allow for more sophisticated data extrapolation methodologies, descriptive data sets can be transformed into diagnostic, predictive, and even prescriptive data valuations, allowing supply chain managers to build on from their data findings to plan for otherwise unseen and undetected eventualities.

By allowing for the establishment of conditional and custom nodes for tailored data interpretation, our data transformation tools here at Rayven provide the flexibility in data interpretation that’s required to adeptly train LLMs and ultimately pave the way for autonomous supply chains that are powered by bespoke algorithms.

As is the case with developing any LLM, business owners can naturally benefit more from becoming early adopters of this technology. This is primarily because these generative AI data analytics tools are trained on real-time performance data for your business. Maintaining more historical data means your generative AI tool has more information to draw from over the long term, which means that your data insights are likely to be more sophisticated than your competitors who weren’t as quick to utilise this technology for themselves.

Digital Transformation

Digital transformation in supply chain management generally refers to the growing utilisation of digital twins, the IoT, and blockchain technologies in particular. By using digital technologies to visualise supply chain routes, managers and business owners have been able to independently optimise their fleet activities to ensure improved performance with reduced energy or fuel consumption.

Similarly, IoT technologies like GPS trackers, RFID scanners, and smart control panels for warehousing machinery and equipment have significantly improved administrative, transport, and stock management processes. Centralised IoT management platforms like our solutions at Rayven take the advantages of the industrial IoT one step further by integrating AI technologies to provide more intricate interpretations of data sets recorded by connected technologies.

Sustainability & Green Supply Chains

With ESG performance becoming a growing concern for supply chains across the globe, environmental monitoring solutions have been recognised as a vital investment in business longevity. Industry 4.0 places a growing emphasis on corporate social responsibility, which is why sustainable supply chains are the way of the future.

Thankfully, Rayven’s innovative Sustainability Reporting solution aids in the greening of supply chains, namely by drawing on ESG performance data to share insights and optimisation opportunities to supply chain managers. By harnessing data sets recorded by environmental IoT devices like sensors, weather stations, air quality testers, and even fleet and vehicle technologies used to record fuel consumption across routes and jobs, centralised ESG solutions support advanced supply chain technologies and connected devices in incrementally greenifying supply chain operations.

Key Areas for Future Innovation in Supply Chain Operations

As we mentioned, the first wave of digital transformation strategising in supply chain operations is simply laying the foundations for improved data management. The second wave involves strengthening our ability to interpret that data and make data-driven decisions that improve supply chain performance and reduce transport and logistic costs as well as their environmental impact.

Here are the innovations that we can expect from the continuing advancement of digital supply chain technologies.

Autonomous Supply Chains

In truth, using AI for supply chain management possesses so many benefits that there are some that are yet to be discovered. As a jumping off point, however, AI supply chain tools allow for the formation of tailored machine learning algorithms and applications, which can in turn provide opportunities for industrial automations. Autonomous supply chains that are powered by AI and robotics like self-driving vehicles and automated order fulfilment robots in warehouse facilities, allow supply chain managers and their personnel to avoid repetitive manual processes, freeing up human resources to focus instead on big-picture developments. 

The programmed automations can also be integrated into defined workflows, allowing for not only individual process automation, but larger scale automated workflows that span across multiple fleets or even a collection of facilities. Our integrated Workflow Builder supports workflow development and optimisation, ensuring that your autonomous supply chains stay sustainable, scalable, and adaptable. These AI-powered automation systems are also designed for complete interoperability, allowing for bi-directional innovation spearheaded by not only data-driven decision-making from managers, but also insights from the personnel who will be using these solutions on a daily basis.

Predictive Analytics

The end goal for data analytics tools that are primed for Industry 4.0 advancements is to be able to accurately provide forecasts based on precision data extrapolation. Unlocking the full developmental power of predictive analytics, however, requires extensive data sets, which is why the continuing integration of AI-powered technologies is poised to provide so many benefits to supply chain managers.

On top of being able to provide demand forecasting capabilities, inventory or stock management and even asset management affordances, predictive analytics tools can also provide insights for generative AI interfaces to draw from. Training a generative AI-powered LLM to identify precise data sets and data insights in response to organic human questions (i.e. ‘What trucks are out on delivery today?’, ‘Which vehicle had the longest recorded downtime last week?’, ‘What are our fuel costs this quarter compared to last quarter?’).  

Generative AI tools trained on predictive analytical insights won’t just be able to provide you with real-time insights from the past or present day either – they can also look beyond, by using data visualisation technologies to project estimated growth or performance. In other words, you could ask your generative AI-powered supply chain management solution ‘What stock is projected to perform well next quarter?’ or ‘Why is X driver not meeting their targets?’ and it’ll be able to answer you correctly.

Safety & Risk Management

From a commercial perspective, predictive analytics tools can provide an influx of benefits for business development, however supply chain managers must also keep in mind the potential for these emerging technologies to revolutionise risk identification and mitigation strategising. Using site and environmental data, predictive analytics tools can effectively develop tailored safety control solutions for your business, improving on-site and in-field safety by monitoring a dynamic range of variables.

The accident and risk detection capabilities of this technology can be observed in the advancements of our Traffic Monitoring solution here at Rayven. By supporting the easy monitoring of critical infrastructure on top of fleet and even personnel movements, our AI-powered tools can boost the safety ratings of your workplace and even aid in maintaining compliance with industry safety standards.

Smart Logistics & Transportation

Alongside traffic management solutions and autonomous vehicle support, digital supply chains will also continue to adopt smart logistics and transportation solutions that allow for advanced capabilities like route optimisation, real-time asset tracking, and perhaps even drone deliveries for agile operations. 

AI supply chain management tools can also utilise IoT and smart tech connections to facilitate predictive maintenance (PdM) regimes on fleet vehicles and other key assets, allowing for reduced machine downtime and decreased risks of breakdowns. Predictive maintenance can also aid supply chain managers in optimising operational costs and performance of assets both off-site and on-site (i.e. fleet vehicles out on delivery). 

Enhanced Supplier Relationship Management

Our centralised supply chain management solutions allow supply chain managers to monitor stock performance across any given time period and even order more stock, establish routine orders, or even pay supplier invoices directly from the application platform. Ultimately, these capabilities aid in streamlining supplier relationship management, ensuring supply chain managers spend less time sifting through their email inboxes and more time overseeing performance. 

These tools can also aid in supplier selection, as stock units can be compared based on price, weight, stock availability, and other factors that could impact supplier decision-making. And as your supply chain tracking tool grows to include more connected assets, you may even grant trusted supply partners access to your management platforms with their own user management capabilities. The ability to establish defined teams within your Rayven supply chain tracking system ensures that supply chain managers can not only manage enterprise assets, but also communicate and collaborate with staff, higher management, and even external stakeholders directly through their Industry 4.0 management platforms. 

The Future of AI in Supply Chain Management: How Your Business Can Prepare

Briefly, we mentioned that the best digital enterprise solutions are tailored to the industries and professionals that utilise them. In the context of supply chains, the best solutions must undoubtedly possess one vital quality: they need to be scalable. 

As your supply chain grows and changes, ensuring that your management technologies adapt accordingly is vital to maintaining accurate insights into your operational performance. But on a foundational level, having any level of historical data for your enterprise to draw from will aid in future business development and decision-making.

That’s why the best way to prepare for Industry 4.0 advancements in supply chain operations is to invest in AI supply chain tracking technologies now. With Rayven, you can install your solutions and begin creating custom dashboards and interfaces for your applications right “out of the box”. The earlier your start, the faster you’ll have a tailored supply chain tracking solution for your enterprise, and the more historical data you’ll be able to retain over the long term.

How to Integrate our AI Solution into your Supply Chain

If you’re a supply chain manager who’s looking to integrate Rayven’s AI-powered tracking tool into your supply chain operations, you’ll be pleased to hear that implementation is designed to be as easy as using our UI. Our highly scalable centralised AI solutions can be fully integrated in as little as a fortnight when you use the detailed 3-step programme outlined in our Fast Start Brochure.

The three steps are as follows:

Step 1: Scoping

  • Assess operational requirements
  • Assess data readiness 
  • Conduct integration mapping
  • Design preliminary frameworks for AI applications
  • Outline integration budget

Step 2: Implementation

  • Validate AI applications
  • Configure AI application to fit your business needs
  • Conduct UX (user experience) testing
  • Develop application UI (user interface) to strengthen usability
  • Conduct QA (quality assurance) testing

Step 3: Scale

  • Test AI application on diverse data sets 
  • Phase in AI applications across all operational stages 
  • Establish automated workflows
  • Assess data analytics and ETL processes
  • Monitor improvements and ROI 

For more information on how best to integrate your AI supply chain applications, simply download our Fast Start Brochure or get in touch with our industry experts for additional information on our tailored solutions.

Key Benefits of Early Adoption

To summarise, here are just some of the more prominent benefits of investing in AI implementation for your smart supply chain today:

    • Digital preparedness – by integrating AI solutions like supply chain tracking tools today, you can bolster your smart supply chain for future Industry 4.0 advancements, ensuring that your enterprise stays ahead of the digital curve.
  • Superior growth strategising – if you’re hoping to stay ahead of your competitors, the data-driven insights that you can glean from your AI tools are likely to provide the edge you need to maintain superior growth strategies. In other words, your enterprise can play 4D chess and observe variables and correlations that your competitors aren’t even aware of yet.
  • Extensive historical data – early adoption means greater historical data sets, which means more dynamic and better-informed data interpretations, month on month and year on year. 

Support the Digital Transformation of your Supply Chain with Rayven’s AI Solutions

From improving site safety to streamlining supplier relationships, tracking enterprise assets, monitoring ESG performance, and even providing accurate demand forecasts, it’s clear to see that the future of supply chain management is made brighter with AI, predictive analytics, and other dynamic machine learning capabilities. Getting in on the ground floor of these Industry 4.0 transformation opportunities can help ensure that your supply chain stays agile and intuitive.

If you’d like to see how our scalable and cost-effective industry solutions here at Rayven can support your smart supply chain, then speak with one of our experts to book a free demo today. We’ll walk you through our pricing model to find the Rayven solution that works best for you

Share

See Rayven in action

One of our data science, AI + IIoT specialists will contact you for a live one-on-one demonstration or to answer any questions.