INDUSTRY 4.0: DIGITAL SOLUTIONS IN SUPPLY CHAIN MANAGEMENT

Industry 4.0 is fast transforming how businesses operate their key functions. Digitalization — aided by disruptive new technologies such as IoT, AI, big data & analytics, machine learning, automation and robotics, cloud computing, blockchain, 3D printing, etc. and the explosive growth of smart devices — is leaving no segment of the business untouched. Supply chain management, more complex than ever before, stands to benefit tremendously from going digital. Studies suggest that an interconnected, digital supply chain can lower operational costs by more than 30 percent, reduce lost sales opportunities by more than 60 percent, and even reduce inventory requirements by more than 70 percent, all while making companies faster, more agile, granular, accurate, and efficient.