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The supply chain industry is not what it used to be. Today, it is much easier for businesses to improve their processes – thanks to commendable technology, the supply chain world has progressed beyond what could even be perceived as possible a few years ago.
Considering that supply chains are an integral component of the success of any business, it makes sense that they are increasingly being focused on when it comes to development. With the help of various technologies such as warehouse, inventory, and order management systems as well as labour management and warehouse control software, businesses can smoothen the logistics progress today to a very great extent.
If you are looking to bring yourself up to speed with the latest technology stats, then have a look below: we have curated a massive list of supply chain technology stats that cover advancements in technology, logistics technology, and 3PL technology that you can refer to if you are looking to considerably increase your knowledge about your industry.
The supply chain is often referred to as the life-blood of a company – and these statistics prove the truth in that statement.
There are some challenges that the supply chain industry still has to face; at least according to the following statistics.
Robots have not taken over the world yet – but they sure have been providing us with unparalleled convenience the past decade or so. The stats on technology advancements as listed below will blow your mind away.
It was in the last 2 years alone that 90 percent of the world’s data was generated (Leftronic). With the whole world shifting to online interactions for almost two whole years, this is no surprise. But for the purposes of logistics businesses, these statistics prove that there is an indubitable increase in people’s dependence on technology and the Internet. So, if they want to ensure that everything is sorted out, they will level up their technology game.
AI augmentation is likely to hit $2.9 trillion in business value (Gartner). AI augmentation is essentially a form of AI that focuses on an assistive role. The fact that in terms of assistance, AI is going to even improve further and provide even more convenience to people and businesses means that the top priority for everyone should be transition to the use of AI as soon as possible. Jumping on the bandwagon earlier means you will have more experience and the right skills to navigate these aspects.
By 2024, AI in retail is predicted to hit a stunning figure of USD 4.3 billion (P&S Intelligence). Retail is one of the most logistics-centred businesses and the main aspect that improves logistics is AI. This is part of the reason why AI in retail is all set to hit these figures by 2024.
Artificial intelligence will generate 2.3 million jobs in the US alone (Gartner). On one hand, it goes without saying that artificial intelligence will replace humans in at least some roles. However, on the other hand, it will also be producing more jobs for us to venture into. In fact, supply chain logistics is an area that cannot work well without the human element, which is why it is important to improve your labour force in tandem with the automated processes. It can easily be presumed that as time goes by and artificial intelligence becomes an even more integral part of supply chain processes, humans will be needed even more.
The world of warehouse, inventory, and fulfilment will benefit the most from technology. Here, have a look:
In 2023, technology is going to advance even further. Let’s have a look at some trends that we need to be mindful of this year.
The fool-proof way of ensuring your success in the world of supply chain as a logistics provider is to invest in technology that can greatly simplify your job for you. Thanks to advancements in artificial intelligence, some tools available in the market such as Canary7 can really help you streamline the fulfilment process.
Some 3PLs may hesitate from depending on technology – afraid that it is costly and hard to maintain. However, this is not the case. If you play your cards right, you can sort out the supply chain experiences and ensure that you are on the right track to success.
The misconception is that technology is foe, and artificial intelligence exists to replace our jobs. Although the latter is more or less an inevitable reality, it must be acknowledged that if used the right way, the sole purpose of artificial intelligence and technology today is to help humans, including those in the logistics industry!
So, now is the time to make technology your friend and in turn, make your life better by miles.
Author
UPDATED ON: 23rd Aug 2022
Mishal is a dedicated copywriter and content writer with experience across various niches. Currently, Mishal is focused on writing guides and other compelling blogs on warehouse management, logistics and more, crafting engaging and informative content to help businesses understand and master their supply chain. Passionate about delivering quality content, Mishal aims to make complex topics accessible and enjoyable for all readers.
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