Haven Blog The Benefits of a Virtual Supply Chain

According to Supply Chain Game Changer, "An analog supply chain is one in which the tasks are performed in some physical, non-electronic fashion. In the Analog Supply Chain, planners would receive customers' orders over the phone, by physical mail, or by fax. This demand would be translated to bills of material and component requirements through manual or semi-automated means. Product information and parameters would be manually entered into reports and systems. Purchase orders would be written out by hand and mailed or faxed to suppliers with buyers calling suppliers on the phone to tell them about their needs and the inevitable changes in demand." Therefore, it's essential to realize the real benefits of a virtual supply chain, ranging from a centralized TMS through analytics, and how they make a company stand apart from the crowd. A Virtual Supply Chain Applies Scores of Categorical TechnologiesThe applications of a virtual logistics strategy can involve almost any technology imaginable. The Internet of Things and connected sensors provide more views into what's happening. Digital connectivity, asserts Supply Chain Game Changer, creates opportunities to collaborate. Big Data and blockchain hope to solve the issues of fraud and poor compliance. Artificial intelligence (AI) and machine learning (ML) reshape the foundations of traditional exception management. There are scores of categorical technologies that can be applied, including those above and endless options in software-as-a-service (SaaS) platforms, including freight invoice auditing and payment technologies, to unlock more efficiency and savings. And that provides a significant benefit of a virtual supply chain-creating continuous opportunities to improve supply chain resilience.