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With their need for visibility and fast decisions, supply chains must adopt new technology quickly or risk falling behind the competition. In fact, effective supply chains depend on technology more than almost any other area of a business. Here are top technology trends that are changing the supply chain:

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Operational Excellence: a term used ubiquitously across industry, but what does this really mean? What is excellence? Perhaps we can define excellence as the following:

1. Excellent results
2. Excellence in operational processes

The former is evidence of current operating conditions and the latter implies that the future will replicate the current performance success. In sports, we see the “one hit wonder” team that wins the championship only to sink back into years of mediocrity, while another team is a perennial competitor. It’s the perennial contender who has good processes/culture/philosophies that assure a continually well run organization.

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The digital economy is radically transforming supply chain. Technological innovations are leading to more complex products. Individualization and accelerated delivery schedules are leading to rising customer expectations.

Today’s supply chain organizations must respond to these challenges by gaining greater agility, visibility, and scalability. The key to achieving this hinges on transforming your traditional supply chain into a digitized, extended supply chain.

Richard JonesThe Internet of Things (IoT) is defined as a network of physical objects or "things" embedded with electronics, software, sensors and network connectivity. These enable the IoT things to collect and exchange data remotely across existing network infrastructure.

The IoT has been billed as the next Industrial Revolution because of the impact it will have on the way governments and businesses interact with the world, and on how it will influence the way consumers will live, work, entertain and travel.

bora bora 685303 640If you’re a seasoned Supply Chain or IT professional, I’m sure at some point in your career you have suffered from a predicament I’ll refer to as the ‘sunk cost effect.’

So what is a sunk cost effect? In this context, it’s the outcome of focusing on past cost rather than future usefulness. Simply, you are concerned (and in some cases, obsessed) with what you “paid” for something rather than if it’s still applicable, effective, or advantageous. Sunk costs are backward-looking decisions. Behaviorally, it’s a bias resulting from an ongoing commitment. Logic dictates that because sunk costs will not change - no matter what actions are taken - they should not play a role in decision-making. Emotionally, however, the more someone invests time, effort and money on something, the harder it becomes to leave it and move on.

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