A lot has been spoken around technology as an important component in present day supply chains. And, it won’t be incorrect to say that as humanity evolves, so does the way it exists. It is only fair to assume that revamping supply chains with the help of modern technology is an essential process of evolution of humanity itself, considering that logistics has been integral to it since the start of civilisations.
As the pandemic spread its grasp around the world, within a few months all economic activity came to a standstill. And the world is still reeling with the after-effects of it. But when have challenges pushed humanity to cease existing? As many of the world’s most fertile minds devised the strategies to transport essentials, medicines, medical equipment and eventually vaccines from their sources to destinations, there were many others who were constantly working on ensuring that once these supply chains are up on their feet, they don’t fall back. And enter technologies like AI, ML, Robotics, Blockchain, IoT etc..
These names were not unheard of by supply chain leaders, however, in order to recover from the devastation that the pandemic brought, modern technology was the essential bandaid. And rightly so, it accelerated the reconstruction of the supply chain. What would have, probably, taken 10 years, was achieved in a year of constant re-modelling of how business was conducted. And once the ‘new’ supply chains were established, it was time for their ‘proofing’ – building resiliency and agility throughout.
Enterprises that use AI in the supply chain make their businesses more instrumented, intelligent, and interconnected. On the other hand, data analysis helps to optimize the workflow where large amounts of data can provide forecasting, identify inefficiencies and drive innovation. Similarly, with Blockchain, supply chain partners can share critical, sensitive or even ‘normal’ data through trusted blockchain solutions. After all, it can guarantee product authenticity, ensure responsible sourcing and provide better visibility to minimize disputes. The concept of Control Tower assists in correlating data from multiple systems to identify exceptions, prioritize exceptions based on business impact and recommend options to resolve exceptions. There are many more examples of how things play out in present as well as in future.
Blume Global provides an open, neutral platform across all trading partners to drive asset optimization, predictive visibility and traceability; thereby, simplifying supply chains and making them more purposeful and sustainable. According to them, a purposeful supply chain is optimized, efficient, effective, responsible and employs environmentally sustainable practices. The potential of an orchestrated, collaborative supply chain, that addresses environmental and social challenges, is profound. While working on visibility and sustainability in freight movement, Blume also empowers small businesses and emerging economies.
As we spoke to Mr. Pervinder Johar, CEO at Blume Global, he gave us interesting insights into how global supply chains are getting a facelift with modern technology, and the role that Blume Global plays to aid that process.
To watch the complete interview, please click on the link below: