Akshay Hegde, Co-Founder, ShakeDeal said that the advancements in technology were revolutionizing the way businesses managed their supply chains, leading to improved operations, efficiency, and cost reduction. The Internet of Things (IoT) was one such example of a technology that enabled businesses to track products at each stage of the supply chain, providing real-time data that could inform inventory management and demand forecasting. Additionally, Artificial Intelligence (AI) and Machine Learning (ML) were being used to optimize routing, minimize delivery times, and decrease waste. Moreover, the adoption of blockchain technology was enhancing supply chain visibility, increasing transparency, and mitigating risk. Automation was another technological advancement that was transforming supply chain management by reducing human error and increasing accuracy.
“Looking ahead, emerging technologies such as 5G, robotics, and autonomous vehicles will continue to drive improvements in supply chain management, boosting performance and keeping businesses ahead of the competition,” he added.
Adopting Tech in Operations
ShakeDeal has implemented blockchain technology in its supply chain management processes to increase transparency and traceability. By using this technology, it can create a secure and immutable record of every transaction in its supply chain – from procurement to delivery. “This helps us track the movement of goods and identify any issues or delays in real-time,” stated Hegde.
Another technology that the brand has recently implemented was Robotic Process Automation (RPA). “By using RPA, we have been able to reduce errors, improve efficiency, and free up our staff to focus on more complex tasks,” he concluded.