Unlocking the Power of Supply Chain Technologies

Investing in innovative supply chain technologies can lead to individual business growth, overall economic improvement, better health outcomes, and a more sustainable future. 

The global supply chain industry is growing rapidly due to technological advancements and the increasing need for businesses to adapt to ever-changing market dynamics. 

According to Allied Market Research, the global supply chain management market is projected to reach $37.41 billion by 2027, growing at a compound annual growth rate (CAGR) of 11.2% from 2020 to 2027. This rapid growth is fueled by the increased adoption of cloud-based solutions and the expanding e-commerce industry. 

Juan Manuel Rodriguez Perez, the NA Supply Services Finance Lead for Health & Nutrition at Reckitt, is a trusted expert in the supply chain management field. With more than 15 years of experience in both privately held and multinational companies, he has a proven track record of driving significant improvements in inventory management, cost reduction, and risk mitigation. 

“Effective supply chain management is essential in the perishable goods sector, which encompasses healthcare, medical, food, and other time-sensitive products,” he said. “With the rising awareness of food safety and the importance of efficient healthcare supply chains, the demand for advanced tracking and inventory management solutions is surging.”

The global cold chain market, which is crucial for preserving perishable goods, is expected to reach $585 billion by 2026, registering a CAGR of 13.5% from 2019 to 2026, according to Fortune Business Insights. 

A report by the Food and Agriculture Organization of the United Nations (FAO) estimates that nearly one-third of all food produced globally is wasted, resulting in significant economic, environmental, and social costs. 

“Efficient supply chain management and inventory tracking systems have the potential to dramatically reduce this waste,” Rodriguez Perez said.

Meanwhile, MarketsandMarkets predicts the global healthcare supply chain management market will reach $3.3 billion by 2025. 

The efficient management of medical supplies and pharmaceuticals is crucial to patient care and safety. The Journal of Healthcare Management emphasizes the importance of supply chain management in reducing costs, improving patient outcomes, and mitigating risks associated with drug shortages and expirations.

Rodriguez Perez developed SmartChain Pro, a real-time inventory tracking system that enables businesses across various industries to trace stock-keeping units and batches by location and proximity to customers. The goal is to enable companies to make informed decisions about stock movement, transportation, and storage, resulting in reduced inventory levels, optimized warehouse costs, and minimized transportation expenses. 

Real-time inventory tracking systems use bar code scanners, software, and other tools to provide updates on where products are located within the supply chain, whether they are in a warehouse, a store, or a delivery truck. 

These systems capitalize on the increased adoption of cutting-edge technologies. The COVID-19 pandemic, inflation, and the Russian attack on Ukraine all contributed to supply chain challenges in recent years, escalating the use of blockchain, the Internet of Things (IoT), artificial intelligence (AI), machine learning (ML), and robotic process automation (RPA).

Gartner, a research and advisory company for businesses, has identified eight themes in supply chain technology:

Hyperautomation 

Experts say that over the next decade, everything that can be automated will be – even decision-making. The supply chain industry will need to employ hyperautomation to adapt to the changing business environment.

Digital Supply Chain Twin (DSCT)

The DSCT comprises all the vital supply chain and operating environment data. Companies can use this data to make predictions that lead to the best decisions. 

Immersive Experience and Applications

This technology enables immersive experiences in the virtual world through smart glasses and other wearables. It can lead to enhanced safety, faster repairs, fewer mistakes, and many other benefits.

Supply chain security

Security technology protects companies against supply chain risks such as cyberattacks. 

Embedded AI and Analytics

These software functions are the key to efficiency in any part of the supply chain. For instance, companies can use robotics to help them analyze warehouse operations and make improvements. 

Augmented data intelligence

Businesses can combine the use of different technologies to provide enhanced data processing to collect crucial information for making supply chain decisions. 

Edge Ecosystems

These computing and data-processing applications allow users to do many things, including making sure the right temperature for products such as food and medicine is maintained through the entire supply chain. 

Environmental, Social and Governance (ESG)

These are technologies that allow businesses to track the origins of products to make sure they are compatible with corporate ESG goals. 

“The benefits of keeping up with the latest supply chain technology innovations goes far beyond improving the bottom line for individual businesses,” Rodriguez Perez said. “It contributes to a more sustainable and resource-efficient world.” Written by Mary Pieper

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