10 factors to consider for selection of ideal 3rd-party SCM technology vendor

The digital revolution in several industries is providing a wealth of new opportunities for logistics, SCM industry, and third-party logistics (3PL) companies. Additionally, 3PLs are willing to accept the advanced technologies owing to rising demands from their customers. To succeed and sustain with opportunities presented by digitization, the companies are trying to transform and adopt newer technologies earliest and before competition increases.

This transformation brings a new generation of logistics applications such as cloud and software, which enables collaborations. Through technological innovations, the ultimate goal is likely to reach - visibility and success. Advent of cloud, high-quality network, IoT, and automation are key factors driving factors for digitization in the supply chain industry. In addition, these factors contribute to further developments in industry also help to cost-cuttings.

Along with these, the benefits of digitization include enhanced visibility, automated logistics operations, and greater reach with customers. The extensive use of GPS and sensors allow businesses to track fleets in real-time. Furthermore, the key elements are connected through it coupled with integration of artificial intelligence which results in improving transparency, reduction of error rates, and substantial cost-cutting.

Rising number of companies using customer engagement technologies for better communication is witnessing better returns in the coming future. Such strategies for customer engagement coupled with the ongoing digitization are paving the way for future transformation. Also, the industry believes in the future of the predictive supply chain is dependent on artificial intelligence, deep learning, and machine learning.

Author Name: Nitish P.

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