Thanks to the coronavirus pandemic, we have been able to expose critical vulnerabilities within the global supply chain. Everything from bottles of wine to fried chicken seems to be held up due to supply chain problems. Thankfully, 2022 looks like a promising year, as we can expect plenty of people working on transportation innovation technology.
But what trends should we be looking out for? Companies will continue to invest in various trends so that they can address costs, changing markets, risk management, compliance, and data quality.
If you’d like to learn more then keep on reading and we will take you through the top transport innovation technology trends that you need to know about for the coming year.
Digitization of the Supply Chain
Technology is only a small fraction of what makes up the global supply chain. There is a lot of manual paperwork and there are many people who are trying to devise the best way to coordinate transportation vessels. In 2022, we can expect more reliance on complex algorithms and a lot more digitization of the supply chain.
What does the digitization of the supply chain include? It is a lot more than simply getting rid of manual tasks. It also involves payment and process automation, delivering valuable data, and improving the efficiency of resources.
Businesses will have to apply supply chain technology directly within the operations in order to see any outstanding rewards.
The technology leaders will have to speed up the process of supply chain digitization. They will also need to implement new solutions and initiatives.
They utilize technology tools that seamlessly work with current systems. This can include demand forecasting tools, reporting, analytics, and transportation management tools.
By digitizing the supply chain data, companies can get rid of the risks that information silos present. This will also allow for more accurate planning and predicting.
Visibility Into Supply Chains
Companies have always cared about the visibility of the supply chain. But in 2020 and especially 2021, visibility of the supply chain truly came to the fore. Supply chain visibility and technology can help businesses free up resources and save time for their more important concerns.
In order to improve the customer’s experience, you need to provide visibility into the supply chain. This is going to help you prevent order backlogs and stock shortages. Otherwise, you will be setting up the expectations of your customers and then letting them down.
A frustrated customer will likely not return to make another purchase. And they might even write negative reviews about your company on the internet.
If a customer is expecting a package on a certain day, they will not be happy when they are told that there is a delay. And they will be even more upset if their package gets lost in the supply chain and can’t be tracked.
Consumers now expect to be able to track their mail and purchases. A company that provides accurate and responsible visibility is sure to get a leg up on the competition.
The cloud can be extremely useful when it comes to supply chain visibility. This new technology can help companies remain flexible in a world that is full of disruptions to the supply chain. Cloud technology will provide a variety of innovations when it comes to managing the supply chain.
In addition to all of this, the cloud is going to let companies visualize information from across various projects and platforms. This will bridge the gap between their digital and operational capabilities.
In 2022, the cloud is going to be crucial for companies because it is safer, accurate, and more efficient.
Improved Forecasting
During the past two years, we have seen how important it is to be able to forecast what the supply chain will be like. No company wants their shelves to go empty but they also don’t want to end up being overstocked.
If you have too little inventory, you will upset your customers. If you have too much inventory, then you will end up losing money. By accurately predicting movements and disruptions within the supply chain, enterprises can be prepared and make sure that they are adequately stocked.
Qualitative forecasting can be used in instances where resources are not reliable or available. It is a powerful method to get accurate prediction results by using statistics and facts. This information can include real-time data insights for strategic forecasting, professional opinions of staff members, and historical analysis.
The power of data-driven decision-making cannot be undervalued. This is why many companies utilize the qualitative forecasting method to forecast the supply chain every year.
You can also make use of quantitative forecasting. This is best for short-term analysis. That is because it works best for seasonal trends.
You usually want to use qualitative forecasting to predict just the next few months.
Forecasts will also need to predict types of new mobility to help prepare for more investments.
The Importance of Knowing the Top Transport Innovation Technology Trends to Watch in 2022
Hopefully, after reading the above article, you now know the top transport innovation technology trends that you should watch out for in the coming year. As we can see, 2022 will bring a lot of advances to transportation and to the supply chain.
This should make it easier to navigate future pandemics and other crises.
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