Smart Supply Chain Management
- (Stanford University - Alvin Wei-Cheng Wong)
- Overview
A supply chain is a network that connects multiple functions, including logistics, production, purchasing, marketing, and sales. Comprehensive planning enables companies to balance trade-offs across functions and optimize earnings before interest, taxes, depreciation and amortization (EBITDA) across the organization.
Smart supply chain management (SSCM) is a system that uses advanced technology and automated data analysis to improve the flow of goods and services from suppliers to consumers.
SSCM uses technologies like:
- Big data
- The Internet of things (IoT)
- Blockchain
- Artificial intelligence (AI)
- Advanced robotics (AR)
- RPA
SSCM can help supply chain companies:
- Cut costs
- Shorten delivery times
- Reduce negative environmental impact
- Achieve unprecedented levels of automation
- Identify trends and opportunities in the market
SSCM systems are self-organizing and self-optimizing. They can integrate data from connected sensors in the factory with data on user preferences, weather, and other variables. For example, a smart system can predict a bottleneck arising from an abnormal weather event.
[More to come ...]
