| Event Name: The Role of Technology and Analytics in Global Supply Chains | Event Date: 20 December 2022 |
| Faculty Coordinators: Dr. Imad Ali | Event Timings: 02:00-03:30 |
| Mode: Online | Number of Participants:23 |
| Guest Speakers:Dr. Joerin Motavallian | Venue: Zoom Meeting |
The globalization of markets has led to increasingly complex supply chains that span continents and involve multiple stakeholders. Technology and analytics have emerged as pivotal tools to enhance efficiency, transparency, and responsiveness in this intricate web of operations. This report delves into the multifaceted roles of technology and analytics in global supply chains, elucidating their transformative impact.
Warehouse Automation: Using automated guided vehicles (AGVs), robotic arms, and automated storage and retrieval systems (AS/RS) has streamlined warehouse operations, reducing manual errors and increasing throughput.
Manufacturing Automation: Robotics and CNC machines have enhanced production precision, reduced labour costs, and accelerated manufacturing cycles.
Real-time Tracking: IoT-enabled sensors provide real-time data on the location and condition of goods, ensuring timely deliveries and product integrity.
Predictive Maintenance: Monitoring machinery health to predict failures, thus minimizing downtime.
Transparency and Traceability: Blockchain offers an immutable ledger that records every transaction, ensuring product authenticity and tracing goods from origin to destination.
Smart Contracts: Automated contract executions when predefined conditions are met, reducing administrative overhead.
Scalability: Cloud-based solutions allow supply chain stakeholders to scale operations without hefty infrastructure investments.
Collaboration: Facilitates real-time data sharing among partners, enhancing coordination.
Demand Forecasting: AI algorithms analyze vast datasets to predict market demand, enabling proactive inventory management.
Route Optimization: ML models determine the most efficient transportation routes, reducing delivery times and costs.
Operational Insights: By analyzing historical data, organizations gain insights into past performance, identifying areas of strength and inefficiency.
Risk Assessment: Predicts potential disruptions, such as supplier failures or geopolitical events, allowing for contingency planning.
Inventory Optimization: Forecasts stock requirements, reducing overstocking and stockouts.
Decision-Making Support: Recommends actionable strategies based on predictive models, such as alternative sourcing options during disruptions.
Comprehensive Analysis: Handles vast, complex datasets from diverse sources, extracting meaningful patterns and correlations.
Immediate Insights: Enables organizations to respond swiftly to emerging trends or issues, maintaining agility.
Protecting sensitive information from cyber threats is paramount, especially with increased data sharing across platforms.
Ensuring seamless integration of new technologies with legacy systems can be challenging and resource-intensive.
The rapid evolution of technology necessitates continuous upskilling of the workforce to harness new tools effectively.
While long-term benefits are significant, the initial investment in technology and analytics can be substantial.