The CIO's priorities are changing massively for 2021. Most of them are leveraging the opportunity to further accelerate their digital business journeys. Given the current climate, what are on their top 5 for this year? Let us take a look.
#1 Ensuring Agility At Scale
If there is anything that we have learnt in the past, it is an increasing emphasis on agility. Supply chains have had to adapt like never before with the right mix of localisation(for self-reliance, self-sufficiency) and globalisation. This increasing emphasis on agility has forced enterprises to incorporate this at the very foundation of their supply chains. This applies to the multiple bells and whistles in the supply chain that constitute the larger picture. Having something like customizable workflows or a BPM engine that can help rollout changes quickly on a large scale is a helpful bedrock to have.
#2 Leveraging The IoT Advantage
With real-time and predictive visibility that every enterprise deeply thrives to achieve, IoT-enabled tracking and technology adoption around IoT is seeing a major increase.
This involves a lot of factors to be considered such as how it can plug-and-play with existing legacy systems and interoperate seamlessly.
#3 Embracing Machine Learning & Artificial Intelligence
With demand patterns across the world, for multiple commodities, going for a major toss, there is an increasing need to augment one's existing capability set - in areas such as demand forecasting and several more - and this is where self-learning algorithms, machine learning and artificial intelligence can greatly help. AI-based tools not only give proactive and predictive visibility to enterprises but also help them get a great degree of competitive edge.
#4 Riding The SCaaS Wave
Supply Chain as a Service is another wave like Platform as a Service, Software as a Service. This is seeing a considerable amount of interest among manufacturing enterprises. Although it is at its nascent best, this year is critical to see how the adoption varies as it is a major change where most of the technology part of running and managing a supply chain are outsourced to keep up with the degree of changes. This involves several key considerations but is a very promising trend which many industry watch bodies are highly bullish about.
#5 Switching To Automation
In the race for achieving peak supply chain efficiencies to address both cost and performance considerations, switching to automation and moving away from traditionally manual operations is a key step. Considering all the other trends mentioned above are fairly advanced in terms of technology capabilities, one of the first steps to take in this direction is automation. Although this is the first step, it is mentioned in the end considering how automation has still ample scope for development in several organizations. Different enterprises are on different levels in their maturity curve when it comes to automation and this might be a good time to take a closer look at it and assess where they want to get it to tackle the daunting challenges ahead of us.
Is your organization empowered enough in terms of technology to handle the stresses and strain of the changing environment with regard to the supply chain?
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