Supply chains and logistic operations are facing challenges on an unprecedented level to keep up with customers’ demands in the digital era. And with almost 90% of businesses in the UK and US having experienced supply chain disruptions in the last five years, according to a recent survey, the need to adapt to this fast-changing marketplace is all too clear.
Yet for those companies at the forefront of intelligent supply chains, there is the potential for huge financial gains, with an estimated $4.6 trillion of revenues at stake.
An intelligent supply chain combines three convergent technologies: artificial intelligence, the Internet of Things and blockchain to create an ultra-efficient operation embedded within a digital ecosystem.
The move away from paper-based to digital supply chains is happening at breakneck pace. There will be an estimated 75.4 billion connected IoT devices by 2025, which means 10 devices for each person on the planet.
With all these devices generating valuable data, businesses can analyse this surge in digital information to make smarter decisions both in everyday operations and future planning, to give them a head start on their competition.
Artificial intelligence allows the supply chain to learn from previous experiences to continually optimize and improve operations. Blockchain technology provides a trustless ledger for transactions to be carried out and enables products to be tracked from source to the end user.
By combining these three technologies, Fetch.ai’s supply chain creates a highly trusted trading environment whose experience-driven intelligence provides insights into the performance of the whole supply chain. This allows businesses to refine the process and increase the traceability of goods, with all transactions backed up on a secure archive.
