Question

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Identify and describe the four promising technologies used to supplement existing supply chain systems.

Answer 1

Below are four promising technologies that are used to supplement existing supply chain systems -

1. Internet of Things (IoT) - IoT applications are used in manufacturing and maintenance to identify anomalies in equipment and production environment through sensors and alert the production managers or supervisors to react to them; they also help identify any forthcoming issues for preventive maintenance purposes.

2. Robotic Process Automation (RPA) - RPA applications are used to automate common and regular tasks throughout the supply chain.

3. Machine Learning (ML)/AI - Machine Learning applications are used in optimization of supply chain processes by reading huge data, analyzing and providing patterns through continuous learning through more and more data.

4. Blockchain - Blockchain applications are used in sharing, validating and recording transactions among supply chain partners in encrypted ledgers through cryptocurrencies.