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Digitisation and continued technological advancements have brought about new ways for businesses to reach broader markets, making it important for SMEs (Small and medium-sized enterprises) to leverage these digital tools to enhance their shipping capabilities.
The rise of social selling, a user experience that takes place on a social media platform and selling via live stream, means that businesses need to adapt to sell to Gen Z whose spending sits at almost $100 billion [1].
To keep up with Gen Z and the ever-changing consumer market you need to take advantage of new technologies to improve and transform your supply chains. To do this you need to know how technology is transforming the supply chain. Leading logistics partner FedEx has put together some key insights on how this transformation is happening
Internet of Things
The development of capabilities by logistics firms that benefit shippers and receivers alike has been made possible by advancements in the Internet of Things (IoT). FedEx has long been a leader in sensor-based logistics, leveraging the Internet of Things to provide real-time high visibility across shipments. FedEx's invention, SenseAware®, leverages the Internet of Things to provide real-time high visibility across shipments. SenseAware offers complete monitoring and tracking with an unparalleled level of detail, including humidity, location, and light exposure, for clients who require more specialised services, such as high-value, high-tech, or temperature-sensitive shipments.
Now that they can see their shipment from beginning to end and across networks of connected sensors gathering and transmitting data, businesses can rest easy. Alerts are issued right away if incidents happen.
Data-driven insights
Data is currently the most important factor influencing transformation across many businesses. Data is transforming the way we conduct business, from providing real-time location updates on shipments to insights into workflows and procedures.
The management of the supply chain can be unpredictable and difficult. But because of developments in data, it's now simpler than ever to watch and monitor supply chain flows and pinpoint areas that require improvement. Data is revolutionising global fulfilment capabilities in the shipping sector by offering previously unheard-of levels of insights and information.
Blockchain
Blockchain, a database of transactions, or movements of an item, debuted some years ago but it is still a remarkable technology with the industry projected to reach $163.83 billion by 2029 [2].
Blockchain is used in logistics to preserve the informational integrity of shipments, lowering the chance of loss or delays for carriers and recipients. Information on a shipment is shared throughout a database and added to the block of information about that shipment each time it is logged, transported, or exposed to new conditions.
Blockchain is a safe way to record events since it can only be altered at the source. In supply chain management, why is this important? Because it can be used to monitor and execute contracts, track exposure, or keep a precise record of cargo movements, all of which lower risk and increase productivity.
Multi-echelon inventory systems
Another trend influencing intelligent supply chain management is the shift to multi-echelon inventory systems.
In a multi-echelon inventory, various stock levels are used at various supply chain sites. For example, to cut down on shipping delays and simplify the handling of product returns, a company can keep more inventory at warehouses nearer to the final consumer. Nonetheless, to minimise overstocking and enhance cash flow, other products could be better suited to being kept closer to the maker.
By taking into consideration variables like the carbon footprint of shipping particular commodities or their perishability in various places, multi-echelon inventories can also aid in enhancing the sustainability of the supply chain. This kind of strategy can reduce a variety of risks and inefficiencies throughout the supply chain with the correct data.
Adapting your supply chain with digital tools may seem overwhelming but according to FedEx, it’s not just about partnering with the right provider, but also ensuring that business operations can support the goal of reaching customers with ease in the most cost-effective and sustainable way possible.
Visit FedEx HERE for more information on how you can transform your supply chain.
This post was sponsored by FedEx and produced by Adspace Studio.
[1] https://www.wundermanthompson.com/insight/the-purchasing-power-of-millennials-and-generation-z
