Webinar: Supply Chain 4.0 - Increasingly Critical for Competitive Edge
Worldwide IT spending is projected to total $3.7 trillion in 2018, an increase of 6.2% from 2017, according to industry forecasts.
Is spending millions on huge programs such as digitalization, Internet of Things (IoT) or blockchain programs the right first step? Petrochemical Update hosted an executive webinar of key strategists to help explain what key innovative technologies can make a real impact on supply chain efficiency and costs.
Petrochemical Update brought together a group of technology, shipping, and logistics experts to discuss and debate what digital adoption will look like for the supply chain. Key topics debated included: the real risks of digital change, who will benefit the most from the changes, and how companies can turn theory and strategy into reality.
Access the recordings here.
Experts from RGP, Ineos, Dupre Logistics and Voyager shared real time owner/operator digital adoption stories and results with Petrochemical Update.
Supply chain 4.0 relates to the impact of the fourth industrial revolution on the supply chain. The first industrial revolution was the movement from an agrarian society to an industrial society. In the mid to late 1800s, people left the farms and moved to the city and then got jobs in the steel and railroad industries.
The second industrial revolution was the introduction of mass production lines during war times. Then, in the 1970s to 1990s the advent of the 3rd industrial revolution with the introduction of personal computers, created massive amounts of data and information.
Now all industries are in the fourth industrial revolution or 4.0 and racing to invest, train employees and understand the best strategy for their company and stakeholders.
Nearly every business model is disrupted with the introduction of enhanced technology with things like GPS tracking, and IoT, all examples of real time transparent information being shared with all stakeholders in the supply chain including: shippers, transportation providers and customers.
During the webinar, executives share insight and case studies and explain that sometimes starting small and narrow is a much better strategy than spending millions to catch up.
For example, one mining company was prepared to spend $65 million on an ERP integration and another $250 million for full IT upgrade. But before starting that, they started small and narrow, providing iPads and a web management tool to their staff. This smaller, cheaper strategy improved productivity by 10% and the total costs to the company was under $1 million.
Listen to the key strategies and several additional examples on how companies have improved productivity and shaved off budget dollars by focusing on the most effective digital strategies for Supply Chain 4.0.
Access the recordings here.