Exploring Digital Commerce in Business: Interview with Mike Mortson by Oracle!
In today's fast-paced digital world, supply chains are evolving at an unprecedented rate. Firms are adopting cutting-edge technologies to enhance efficiency, visibility, and resilience in their supply chains, a phenomenon known as digital supply chain transformation.
According to industry experts, the digital supply chain demands a radically different level of expertise and skill set, with a premium placed on holistic, end-to-end supply chain management leadership skills. One such expert is Mike Mortson, who was recently interviewed by Oracle as part of the Oracle Global Supply Chain Influencer program.
The interview, posted on the Oracle Supply Chain Management blog, delves into the current state of the supply chain technology landscape, including the potential benefits of a supply chain-as-a-service (SCaaS) model. Sixty percent of these professionals plan to spend more than $1 million over the next two years on disruptive technologies, with AI, Machine Learning, IoT, cloud computing, blockchain, and advanced analytics being at the forefront.
Artificial Intelligence (AI) and Machine Learning (ML) tools are improving demand forecasting, inventory optimization, and transportation management by processing real-time data such as sales trends, supplier lead times, and external factors like weather. IoT devices provide real-time tracking of goods and assets, enhancing supply chain visibility and enabling better inventory management and loss prevention.
Cloud platforms facilitate scalable data storage and processing, enabling seamless collaboration across suppliers, manufacturers, and distributors. Cloud ERP systems integrate financial and operational data across the value chain, helping manage and reduce environmental impact while improving operational efficiency.
Robotic Process Automation (RPA) and robots streamline warehouse and logistics operations, increasing speed, accuracy, and reducing human error. Blockchain provides tamper-proof records of product provenance and movement, enhancing transparency and traceability, which is crucial for compliance and risk management.
Digital twins, advanced analytics, and big data generate actionable insights for better demand forecasting, risk management, and overall supply chain performance optimization. Digital marketplaces connect buyers and suppliers, increasing transparency, speeding up procurement cycles, allowing real-time price comparisons, and improving supplier vetting to mitigate disruption risks.
Sustainability-focused technologies are also playing a significant role in digital supply chain transformation. Public cloud ERP tools automate carbon footprint calculations, helping supply chain executives track and reduce greenhouse gas emissions. Smart devices and electric vehicles are increasingly used to enhance operational efficiency and reduce environmental impact.
Strategies underpinning these technologies involve end-to-end integration and real-time visibility, leveraging AI-driven automation, fostering collaboration and transparency, and integrating sustainability into supply chain management.
The demands on resources, finances, and skills for implementing a digital supply chain are significant, making outsourcing a viable option for many companies. There will be a major shift towards SCaaS, with companies looking to external parties who are experts and have made investments in digital technology to run elements of their supply chain.
For companies struggling with the basics of their supply chain, it is essential to spend tactical energy on getting the basics right while also developing strategies to significantly advance their capabilities. Supply chain leaders recognize that the digital supply chain is the future, but there is a dichotomy in the approach to technology, with some focusing on the basics and others on the digital supply chain.
Mike Mortson, with a background in various aspects of a modern enterprise supply chain, is uniquely qualified to understand how digital innovations are transforming the supply chain. He emphasizes the importance of a lead time-agnostic supply chain, where quick responses and agility make lead times irrelevant.
With ninety-five percent of supply chain professionals planning to spend more on supply chain innovation this year compared to last, it's clear that the digital supply chain is the way forward. A digital supply chain enables complete, end-to-end connectivity and visibility, allowing for real-time monitoring and decision-making, providing unprecedented responsiveness to changes in customer demand, and ultimately resulting in a more competitive and sustainable business landscape.
For insights, trends, advice, and solutions related to modern supply chain management, procurement, logistics, leadership, technology, change management, business, and the digital supply chain, Oracle suggests visiting Mike's website.
- Firms are adopting cutting-edge technologies to revolutionize their supply chains, a phenomenon known as digital supply chain transformation.
- Sixty percent of supply chain professionals are investing significantly in disruptive technologies like AI, Machine Learning, IoT, cloud computing, blockchain, and advanced analytics.
- AI and Machine Learning tools are enhancing demand forecasting, inventory optimization, and transportation management by processing real-time data.
- Cloud platforms enable seamless collaboration across suppliers, manufacturers, and distributors, while cloud ERP systems help manage and reduce environmental impact.
- Robotic Process Automation (RPA) and robots are streamlining warehouse and logistics operations, increasing speed, accuracy, and reducing human error.
- Blockchain provides tamper-proof records of product provenance and movement, enhancing transparency and traceability for compliance and risk management.
