Analog to Digitization The supply chain transformation story

1. Analog to Digitization The supply chain transformation story A supply chain is an interconnected ecosystem of systems and processes that function together to turn a business’ vision into a customer-ready product. Supply chains have evolved beyond recognition in the past decade because of the increasing use of digital technologies. It is apparent that analog supply chains are no longer sufficient to thrive in the transforming business landscape of today and corporations are making consistent efforts toward digitization. With increasing consumer demands and the inception of cutting-edge technologies, companies require advanced and reliable digital supply chain management tools, systems, and, most importantly, professionals. The IIT supply chain management course can help participants leverage the digital supply chain revolution by providing the necessary guidance and top-of-the-line resources. How is the digital supply chain different from the analog one? Also known as the traditional supply chain, analog supply chains have been used for decades. In an analog supply chain, the tasks are completed using traditional logistics and communication mechanisms. Companies manage an analog supply chain by coordinating with suppliers, distributors, and customers through means like fax, physical mail, and phone. On the contrary, a digital supply chain is built using the application of modern digital and electronic technologies. Employing solutions like GPS tracking, smart labels, wire sensor networks, and barcodes, this arrangement allows for increased performance and collaborative real-time partnerships among producers, suppliers, and distributors. Check out the IIT supply chain management course to learn the details and advantages of digital supply chains. Here are some basic differences between digital and analog supply chains: a) Management of logistics Modern digital supply chains use advanced logistics management software that allows managers to plan and control the flow of the product line. In an analog supply chain, this job has to be done manually, resulting in higher costs and lower ROI. b) Partnerships

2. Unlike analog supply chains, today’s digital supply chains are interconnected, agile, and dynamic. These supply chains allow organizations to establish mutually beneficial partnerships between supply chain partners by leveraging the internet. c) Customer focus Digital supply chain management focuses more on delivering value and developing interminable customer relationships. It utilizes machine learning algorithms to assess and optimise the entire supply chain, which results in customer-centric approaches for a better experience. The growing digital supply chain landscape: The market for digital supply chains was estimated to be worth the US $3.91 billion globally in 2020 and is projected to grow to US $13.67 billion in less than a decade. This indicates a whopping CAGR of 13.2% every year till 2030. But what is causing this intense growth? In recent years, ground-breaking market trends in supply chains have emerged, largely because of globalization and rapid technological advancements. The new digital supply chain management process is helping enterprises better satisfy their customers’ growing demands. With the integration of automation and cloud computing, companies can offer quicker processing time, personalized options, and improved quality at lower costs to customers. Today, 79% of businesses with strong digital supply chains are growing their revenues faster than the industry average. As a result, many organizations are realizing the benefits of digital supply chain management and are shifting to it for a competitive edge. There is a massive demand for professionals who can lead this paradigm shift and take organizations from analog to digital successfully. However, being an umbrella term for many positions, supply chain management requires versatile professionals skilled in multiple domains. Aspirants can enroll in the IIT-EPSMA supply chain management certificate program for a successful career in this field. Strategies to digitize your supply chain a) Identifying the problems: Bringing digitization to something as broad as an entire supply chain requires organizations to know its exact pain points. Hence, supply chain professionals must set realistic goals by performing a thorough audit of their product lines and customer demand. Interested professionals can learn the required strategies by taking the operations and supply chain management courses offered by IIT.

3. b) Integrating supply chain management software: A fully functional digital supply chain requires all its systems to operate smoothly. There is no shortage of supply chain management software that can oversee business transactions and streamline production and distribution. However, make sure that the chosen software is trustworthy and scalable enough for the long term. c) Conduct proper research and analysis: Modern digital supply chains are increasingly leveraging disruptive technologies that require heaps of analysed research data. To ensure that the digital supply chain is resilient to constant shifts in the industry, having real-time research data is imperative. d) Implementing RFID technology: Implementing Radio Frequency Identification (RFID) is essential to ensure the interconnectivity of a supply chain. RFID-enabled devices and packaging can increase inventory handling accuracy significantly compared to traditional methods. e) Implementing automation processes: Automation not only improves the overall efficiency of the supply chain but also boosts the ROI for a business. From payments to tracking information to inventory control, every stage of the supply chain can be streamlined with the optimal use of automation. Interested professionals can learn how to make the best out of automation technology in the supply chain by joining the IIT supply chain management program. To know more: https://executive.timespro.com/course/operations-and-supply-chain/iit- delhi-executive-programme-in-supply-chain-management-analytics/