Leveraging Technology to Optimize Supply Chains
The logistics industry is continually evolving in response to today’s fast-paced technological landscape. For such a large entity, global trade has remained surprisingly nimble and adaptable as technology continues to evolve. Oftentimes we see the leading logistics providers around the world set themselves apart by placing themselves at the forefront of these new technologies as supply chains face problems we’ve never seen before.
With the continued rise of Artificial Intelligence (AI) and Machine Learning (ML), we are seeing more industry leaders leverage these technologies to optimize their supply chains. But there are also countless other emerging technologies that allow us to streamline our processes and provide customized service offerings to each of our clients.
Key Technologies Utilizing Artificial Intelligence and Machine Learning
One of the most significant technological trends in the industry currently revolves around AI and ML. From everyday tools like Siri and Alexa to ChatGPT, AI has become a constant presence in our lives. The global trade industry is beginning to reap the benefits as well.
AI-powered predictive analytics and machine learning algorithms empower businesses to make data-driven decisions that improve routing, inventory management, and demand forecasting. The most forward-thinking companies find ways to leverage these platforms to maximize efficiency across their business – covering everything from supply chain management to internal efficiency to warehouse management to customer-facing products like Transportation Management Systems.
Businesses of all sizes are adopting AI to build smarter, more agile supply chains. With platforms like Altana, shippers can gain access to a dynamic, intelligent map of their global supply chain to continually monitor for potential supply chain disruptions and identify connections to forced labor risks. Altana can also help with classifications, taking hours of manpower out of the process and allowing them to focus on other facets of business.
Warehousing Technology
While it may not be the first thing that comes to mind when discussing technological advancements, the warehousing industry has undergone major transformations through technology – streamlining operations, reducing costs, and saving time. An industry that used to rely on paper ledgers and handwritten logs now has AI and robotic equipment in many warehouses around the world. Technology now has a hand in just about every aspect of warehousing, beyond just picking and packing. As e-commerce continues to grow year after year, warehouses need to continually keep up with retailers to fulfill orders.
Adopting technology can play a major role in creating quicker and more accurate inventory management practices. Online platforms like Planner or Linnworks can integrate across hundreds of channels and provide a convenient dashboard that shows inventory levels across larger warehouses. Barcode or RFID scanners can also help reduce errors in inventories by digitizing the process. From inventory levels to item locations, scanners help minimize the potential for human error in warehouses of all sizes.
Transportation Management Systems (TMS)
The benefits and convenience of Transportation Management Systems cannot be overstated in today’s fast-paced economy. When most people need to provide to-the-minute updates to supervisors or customers, having a reliable and intuitive TMS can set you apart. The most common use for a TMS is likely the real-time tracking capabilities. A centralized dashboard that displays all shipments in one place saves valuable time and provides peace of mind for all parties. Just as everyday consumers can track their orders from origin to destination, importers and shippers need that same capability to stay on top of their business.
But a TMS can offer much more than just tracking information. Features like side-by-side rate comparisons help customers make informed decisions quickly, while digitizing shipping documents–such as invoices and bills of lading–keeps everything organized in one convenient platform Some TMS platforms even integrate with AI to automate the billing or payment processes to save even more time for companies.
If you’d like to learn more about how Scarbrough is using technology to support smarter logistics, reach out today for tailored solutions that meet your business needs.