The top five supply chain technology trends in 2024

Technology is enabling greater visibility and control over supply chain operations. This, coupled with consumer demand has led to an increased need for more efficient supply chains. Companies are looking to leverage advances in supply chain technology to reduce costs and improve operations.

Automation 

The use of automation technologies such as robotics, machine learning, and artificial intelligence is increasing in supply chains. These technologies can help to streamline operations, reduce costs, and improve efficiency by automating repetitive tasks such as picking and packing, inventory management, and transportation planning.

According to Mordor Research, the warehouse robotics market alone is forecast to grow by 15.3% (CAGR) to $US23.1 billion by 2027.

Data analytics 

Internet of Things (IoT) 

The IoT is enabling the use of connected devices in supply chains, such as sensors, RFID tags, and GPS trackers. These devices can help companies track inventory levels, monitor the condition of goods in transit, and optimise transportation routes in real-time.

Cloud computing

The use of cloud computing is increasing in supply chains. Cloud-based solutions can provide companies with a scalable and flexible platform for managing their supply chain operations, from sourcing to distribution.

Blockchain

Blockchain technology is being used to improve supply chain transparency and traceability. By using a shared digital ledger, companies can track goods and transactions throughout the supply chain, which can help to reduce fraud, improve quality control, and assist compliance with regulations.

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