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Manufacturing Technology Insights | Monday, May 15, 2023
Organisations are leveraging advanced technologies to revolutionise their supply chains. Companies are using technologies to increase product complexity, face globalisation, and increase customer demands.
FREMONT, CA: Organisations are leveraging contemporary technologies to revolutionise their supply chains. Companies are using technologies to increase product complexity, face globalisation, and increase customer demands. They collect data at every stage of the supply chain using sensors and ever-improving internet connectivity. The data is collected from the status of the raw material to the condition and location of the finished products. Artificial intelligence (AI), machine learning (ML), and advanced analytics deliver valuable insights that can, for example, be used to make spontaneous changes in routes to expedite product delivery or even exchange materials to gain the benefits of better pricing or availability.
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Similarly, another aspect that improves the manufacturing supply chain is 3D printing. It allows for reduced transportation costs, allows for rapid turnaround time, and better personalisation. Alternatively, additive manufacturing enables easy production of spare parts, which allows companies to cut costs and reduce inventory.
Several technologies improve supply chain operations, as they improve decision-making, collaboration, visibility, and efficiency.
Blockchain
Although this is a concept that is often attributed to cryptocurrencies, it is also predicted to improve transparency in supply chain processes. As the blockchain generates a comprehensive record of transactions, the technology can track the provenance of goods and therefore can build trust in supplier information, especially when the parties involved carry opposing agendas.
Internet of Things (IoT)
IoT presents opportunities to communicate information and deliver insights that can potentially disrupt supply chain practices. Manufacturers, discrete and process, and transport companies are expected to invest in IoT. By monitoring the weather conditions, tracking location, traffic patterns, and more, suppliers can determine, for instance, if products that require refrigerating are at risk of equipment failure. With this information, suppliers can essentially reroute the delivery to a closer location and send a repair crew to ensure that there is no spoilage.
AI, ML, and Analytics
By combining technologies such as AI, ML, and predictive analysis, companies will possess the capability to automate warehouse operations, proactively manage inventory, improve delivery times, create positive customer experiences, and optimise strategic sourcing relationships, which can enhance sales and improve customer satisfaction.
Automation and Robots
Robots have been introduced to their role in the supply chain for quite some time. It is used to move materials and goods across the warehouse and is also used during transport, as a part of the fulfilment process. By integrating AI with robots, high levels of sophistication are unlocked. Machines can be assigned human-like tasks, from choosing and packing orders to automating heavy loading tasks.
IoT connectivity, AI, and ML are collectively aiding in the improvements of the accuracy of industrial robots, safely, which allows for a new generation of robots to function harmoniously alongside human beings.
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