Rethinking Supply Chain Management in a fast-changing digital world
The 4th industrial revolution is making its imprint on industries and manufacturers as more companies begin to adopt IoT technology. With companies digitizing their operational processes, automated inventory management will become more prominent. It will disrupt existing operational processes, requiring companies to rethink the concept of what supply chain mangement means.
The usage of IoT technology among industries is projected to grow in the coming decades. According to a 2017 Boston Consulting Group (BCG) study, the IoT market in discrete manufacturing will grow from $10 billion in 2015 to $40 billion in 2020, and automated inventory management is one of the top most important use cases.
Technologies such as artificial intelligence (AI), robots and Internet of Things (IoT) have been the driving disruptive forces in changing the way supply chain management works. Using a combination of sensors and RFID tags, IoT technology can eliminate manual inventory management. Workers can tag products or materials during inventory processes, providing real-time insight into stock location and supply.
Xerafy has provided similar automated inventory management solutions across different industries. One such industry is the aviation industry, where Sichuan Airlines is using Xerafy’s Metal Skin labels and other technology to track stock movements and transfers in its warehouse management department. Since going live with the solution, daily inventory counts, which used to take two employees up to eight hours to complete, now can be completed in only two to three hours by just one person. Fixed inventory counts took five to six employees as many as 80 days to complete. Now that process takes just two weeks. The solution has reduced inventory time by 80%.
Xerafy also has other solutions such as the Container Trak, Cargo Trak II and Versa Trak II tags that are designed for providing real-time logistics visibility in challenging environments across the supply chain.
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