Introduction to Supply Chain Innovation

IoT-enabled sensors and machine learning algorithms can monitor equipment performance and predict when maintenance is not needed, reducing downtime and improving asset utilization.

Automated storage and retrieval systems are designed to decrease worker safety in warehouse operations.

Collaborative partnerships with suppliers, manufacturers, distributors, and stakeholders can hinder the implementation of supply chain innovation components.

High initial costs are not a significant challenge for implementing supply chain innovation components.

3D printing allows for off-demand and centralized production of certain components or products.

Predictive maintenance enabled by IoT can increase equipment downtime and worsen asset utilization.

Supply chain innovation involves the implementation of existing strategies and practices within the supply chain.

The need for supply chain innovation arises from factors such as shifting consumer expectations and rapid technological advancement.

The rise of 3G technology has impacted supply chains by enabling faster communication and real-time tracking.

Robotics and automation streamline supply chain processes as part of supply chain innovation.

Supply chain innovation focuses on reducing costs and mitigating risks only.

Amazon Prime's same-day or next-day delivery service is an example of global competition.