In the last three decades, Supply Chain Management has faced challenges that were never thought of before. This era of hyper-competitiveness has dethroned many concepts in practice. Supply Chain nowadays is immensely important not only for the company but the economy of any country. Driven by overwhelming market forces, globalization has in fact raised concerns towards gaping loopholes in the supply chain across the globe. The globalization hasn’t made supply chain management easier on contrary. It has dramatically changed how any firm operates while pouncing on their shares in the global marketplace amidst relentless competitive environment. With the onset of globalization, managing supply chain has become even more difficult and complex.
However, when the inventory management is automated then it becomes easier to identify, quantify, prioritize and mitigate risk for better decision making. The recent technological manoeuvres have made automation of inventory management a reality. The dawn of the era promises efficient and effective inventory management.
Still, you can guess the complexity of supply chain when you read about any company’s global web of offshoring, manufacturing and designing destinations. And all of them lay thousands of kilometres apart from each other. That’s where managing it becomes complex and hectic without any scope for errors. Nevertheless, predictive analytics and big data on cloud have helped firms to knock down their inventory problems and given them an eclectic view of management. Indeed, Globalization has significantly changed the supply chain forever and for better.
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