Developments of Digital Technologies Related to Supply Chain Management

Abstract

Supply chain management aims to optimize profits and keep a firm ahead of the competition by coordinating activities between suppliers and consumers. It exemplifies the logistics sector's dedication to streamlined operations. The digital supply chain strategy aims to maximize choices concerning supply and demand, as well as the interdependencies among them, via cutting-edge technology and a deeper knowledge of the responsibilities performed by all stakeholders along the supply chain. It is undeniable that the advent of digital technology has profoundly impacted the workings of businesses, the habits of consumers, and the relationships between different parts of the economy. Consequently, the mobile Internet has contributed to the always-online mentality and the hyperconnectivity of people, businesses, and machines in the global digital economy. Social networks amass a mountain of information on their users. Artificial intelligence provides decision-making algorithms and process management automation. Big data technologies allow for the analysis of massive volumes of organized and unstructured data and predictive analytics. The cloud facilitates the sharing of complex data and knowledge across all actors in an ecosystem. When it comes to some tasks, intelligent robots can do away with the need for human workers altogether. Utilizing Augmented Reality (AR) provides a more all-encompassing and in-depth understanding of business processes. The Internet of Things allows for the remote administration of systems and processes, and the blockchain ensures the legitimacy of all involved parties and transactions.