What is the role of technology in enhancing supply chain management? 🔊
Technology enhances supply chain management by providing tools and systems that improve efficiency, transparency, and collaboration among supply chain participants. Technologies such as IoT, big data analytics, and artificial intelligence (AI) allow organizations to track inventory, forecast demand, and optimize logistics in real time. For instance, IoT sensors can monitor product conditions during transport, while AI algorithms can analyze data for trend predictions. These advancements lead to reduced costs, improved service levels, and enhanced responsiveness to market changes, streamlining the entire supply chain process.
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