In their illuminating report, “Technological Tipping Points and Societal Impact,” the World Economic Forum forecasts significant shifts that will transform supply chains over the next decade. Highlighting five core technological trends, these shifts will shape how businesses, governments, and society function, ushering in unprecedented efficiency and rethinking conventional operations.
1. Sharing Economy: Expected to disrupt industries, the sharing economy epitomises flexibility and efficiency. Companies like Uber are revolutionising logistics, launching services that maximise asset utilisation. Traditional models are evolving, with industries transforming offerings from sales to leasing, exemplified by Rolls Royce’s “Power by the Hour,” which contributes to smarter resource allocation in supply chains.
2. Internet of Things (IoT): By 2022, an anticipated trillion sensors will connect to the Internet, generating immense data streams. Supply chain professionals will leverage this data for enhanced visibility and rapid identification of challenges across processes. This innovation demands new skill sets focused on IoT integration in operational planning and analytics, reshaping how performance indicators are monitored and improved.
3. 3D Printing: Progressing beyond mere prototypes, 3D printing will soon enable on-demand manufacturing. Estimates suggest production-ready 3D-printed cars may emerge within the next seven years. This shift carries profound implications for reducing transport needs and waste, aiding manufacturers by fostering new business models while simultaneously posing challenges to traditional manufacturing as job landscapes evolve.
4. Big Data for Decisions: The surge from 4 billion to 30 billion connected devices will revolutionise decision-making in supply chains. Harnessing vast data sources, organisations will automate and enhance operational choices. Supply analytics, empowered by cognitive computing, will provide real-time insights, unlocking efficiencies and vision previously hidden, transforming business strategies fundamentally.
5. Robotics and Automation: With over 1 million working robots today, technological collaboration between machines and humans is flourishing. Robots now conduct the majority of automotive manufacturing tasks, highlighting their increasing role in industry. Future forecasts predict rising automation and localised production, challenging the necessity for overseas labour as efficiency becomes paramount in reshoring practices.
The World Economic Forum identifies five key technological shifts that will transform supply chains: the sharing economy, the Internet of Things (IoT), 3D printing, the use of big data for decision-making, and robotics. Each trend promises to enhance operational efficiency, reshape business strategies, and challenge traditional manufacturing practices, heralding significant industry changes in the near future.
These five technological shifts—embracing the sharing economy, embracing IoT, advancing 3D printing, harnessing big data, and integrating robotics—hold the potential to redefine supply chains markedly. By leveraging these innovations, companies can expect enhanced efficiency, creative business models, and smarter resource allocation. As we journey through these changes, the landscape of industries and society will undoubtedly evolve dramatically, paving the way for a more efficient future.
Original Source: www.weforum.org
