The Importance of Technology in the Supply Chain

Though the 2020 pandemic expedited the need for technology in the supply chain, these advanced technologies were always an important asset to a successful business. When building a substantial customer base, it is crucial that your business become digitized as these technologies will allow your business to build solutions to speed up certain processes and avoid bottlenecking, making it easier for your customer. Technological solutions can help your company to attain a certain level of on-demand or mass customization in the production cycle.

Better Collaboration Between Supply Chain Partners

Having proper technology and real time information sharing, manufacturers are now able to increase the collaboration with their key partners. This process allows manufacturers to simultaneously track supply chain activity and have visibility into their supplier and distributor’s processes. This information can help your business make informed decisions when forecasting future demands, allowing your company to control manufacturing processes and ultimately lower costs with these effective decisions.

More Accurate Order Tracking

When shipping items to your customer, it is important to ensure the delivery of your product is on time to ensure customer satisfaction. Technology can not only help your business increase the speed of your deliveries but can allow your customer to have a sense of control by having the ability to keep track of their product, view the delivery schedule, and be aware of potential changes so they can plan ahead. Having accurate order tracking can also allow your business to develop mechanisms to interact with logistics providers to get updates in real time on both product and inventory.

Easier Control of Over Production

Having technology in your supply chain can improve your company’s visibility and accountability. When working to make your production processes more efficient, it is important that as a business owner you have clear sight into your in-progress production. Having this clarity will allow you to pinpoint potential problems or delays down the line and mitigate accordingly. Advanced technology can bring transparency into your process so that your company can have better control and information across your supply chain.

Reduce Your Global Footprint

One major benefit to implementing technology in your supply chain is that it not only can help reduce waste but prevent it before it occurs. Certain technologies can identify sustainable materials that can be integrated into product design, can pick the most efficient delivery routes, and can help with inventory management which allows your company to order product based on previous data. These technologies can also help your company reduce your carbon footprint and comply with environmental regulations.

Implementing the proper technology into your supply chain can help fulfill your business needs and keep your company on top. As a reputable 3PL, NewStream has the proper knowledge and expertise to handle the rapid advancement of technology so that you can keep your business successful but also learn what works best for you!

Ready to implement technological advancements into your supply chain? Let’s chat, our experts are ready to help!