Increasing customer expectations around service and personalization are adding significant complexity and uncertainty to global supply chains. Supply chains now need to be highly responsive, agile, and flexible if they are to live up to the C-suite's growth agenda. This calls for seamless collaboration between supply chain partners, real-time visibility into risks and opportunities, and closed-loop adaptive planning.
We've already made progress in these areas. Technological advancements such as the internet of things (IoT), the cloud, and big data have turbocharged supply chains. With the influx of data and digital technologies, supply chain management is at a tipping point. It is now possible to capture, store, process, and share data in real time to make faster and more effective decisions. The next big development is a shift away from transactional to cognitive supply chains – these are the supply chains of the future.