Supply chains are the lifeblood of global commerce, linking manufacturers, suppliers, distributors, and retailers to ensure products reach consumers efficiently.
However, traditional supply chain models often rely on manual processes and disconnected communication, making it difficult to keep up with the demands of today's dynamic market.
Recognizing this gap, companies are increasingly turning to advanced technologies such as artificial intelligence (AI), automation, and blockchain to transform and modernize all aspects of their supply chain processes.
In a recent interview with PYMNTS, gray orange CEO akash gupta Robotics, AI, and his “Intelligent software orchestration layer” helped streamline warehousing and fulfillment processes while efficiently managing inventory flow and data.
He also pointed to radio frequency identification (RFID) technology as a valuable tool that facilitates precise tracking of the location of items as they move through the supply chain.
Elaborating further on GreyOrange's proprietary GreyMatter AI-powered platform, Mr. Gupta said that the platform intelligently models optimal decisions and outcomes, ensuring seamless workflow management.
GreyMatter also provides a unified, single view format for all inventory nodes, providing broad visibility and control over the entire supply chain network. “Instead of looking at a bunch of Excel files, you get a holistic view of what's going on in your network. This makes communication between sales managers and warehouse managers easier.” said Mr.Gupta.
The company recently secured a $135 million Series D funding round, which will be used to support the development of its software platform, including the development of gStore, the company's app tailored for omnichannel and store fulfillment operations. The money will be used for strengthening, Mr. Gupta said.
Cleo, an ecosystem integration software provider, is also riding the supply chain digital wave.The recent company announced Cleo Integration Cloud (CIC), the latest cloud-based B2B integration platform extension, is specifically tailored for the logistics and transportation sector.
The solution is aimed at increasing supply chain efficiency, optimization, and resiliency for more than 400 customers across industries who rely on Cleo's integrated approach.
Specifically, by leveraging CIC, companies can adapt to evolving industry conditions, launch data-centric services, and optimize supply chain operations to improve performance, the company said on February 5. As mentioned in the article. press releaseper PYMNTS.
Digitalization of supplier payments
There is also a clear shift towards digital transformation in supplier payments.
According to the findings detailed inDigital payments: modernizing procurement processes”, PYMNTS, and Cocentric Through collaboration, companies across sectors such as healthcare, finance, insurance, retail, and manufacturing are proactively modernizing their business processes by investing in digital payment technology.
These investments are aimed at increasing the efficiency of the process of procuring goods and services under normal business conditions and enabling a faster response to potential future disruptions.
Research shows that 31% of retailers are currently investing in these procurement systems, and 53% plan to do so. Similarly, 42% of manufacturers have already started upgrading their procurement technology, and 44% are implementing similar upgrades.
Digging deeper into the data, we see an increased focus on enhancing supplier data, including real-time inventory information and supply chain analytics.
This focus allows companies to improve their planning and forecasting capabilities, while also making it easier to manage and scale their supply chains to meet spikes in customer demand or identify alternative suppliers in case of shortages. can do.
Alongside these efforts, more than half of manufacturers (55%) and retailers (54%) who are investing in improving their procurement systems are also allocating resources to improving their logistics and supply chain capabilities. It turned out that
Additionally, more than 40% of retailers and 39% of manufacturers who are investing in upgrading their procurement systems are also investing in upgrading their supplier data systems.
