Businesses are adopting a Cloud, Data, Api or Gen-AI 1st strategy, creating the essential business and digital building blocks.
PGM Energy digital thought leadership have successfully delivered large scale digital programmes across the entire technology landscape, below you will find some examples of key tech enablers to achieve accelerated growth.
The digitalization of the supply focuses on integrating technology and data-driven solutions into various stages of the supply chain to capture, record and secure enhanced traceability, transparency, efficiency, visibility, and responsiveness.
Transformation involves the use of digital tools and technologies to manage, monitor, and optimize the flow of goods, information, and finances throughout the supply chain. Here are key components and benefits of the digitalization of the supply chain:
End-to-End Visibility: Digitalization provides real-time visibility into every aspect of the supply chain, from raw material suppliers to end customers. This allows for better tracking of inventory, orders, and shipments. It supports better decision management and KPI tracking.
Blockchain: Blockchain technology ensures secure and transparent transactions and record-keeping in the supply chain, reducing fraud. The engine of Blockchain technology is the distributed ledger platform that will help solve the metal traceability/metal provenance issues seen within the PGMS market - https://www.ipmi.org/news/hsbc-takes-stab-using-blockchain-modernize-londons-antiquated-gold-market
Data Analytics: Data analytics is now front and centre of the digitalisation movement. Analytical tools help organisations make informed decisions by analysing historical and real-time data. Predictive analytics utilising AI can anticipate demand fluctuations, helping better inventory management. Data analytics will help support KPI reporting unlocking metrics such as cost to serve and cost to manufacture
Automation: Automation of tasks and activities leads to exception based ways of working enabling the reduction of manual activities, inefficiencies and repetitive tasks. This allows for resources to perform value add activities
IoT (Internet of Things): IoT devices, such as sensors and RFID tags, provide valuable data on the location and condition of goods in transit, helping to improve supply chain visibility, monitor quality, and predict maintenance needs.
Digital Collaboration: Collaboration platforms and tools enable better communication and coordination among supply chain partners, allowing for faster responses to changes or disruptions.
Inventory Optimization: Digital tools can assist in optimising inventory levels, ensuring products are in the right place at the right time or just in time, minimising carrying costs, and reducing the risk of stockouts.
Demand Forecasting: Advanced algorithms and machine learning models can provide more accurate demand forecasting, leading to better stock management and reduced overstock or understock situations.
Supplier Relationship Management: Digital solutions can improve relationships with suppliers by providing data on performance, quality, and compliance, which helps in supplier selection and negotiation.
Sustainability and Compliance: In todays work the ESG framework is pivotal to the PGM framework. The ability to monitor sustainability, ethical sourcing, aligning with governing frameworks, whilst promoting internal sustainability directives is as important as any transformation programme. The ability to demonstrate and support greener initiatives and provide solutions with this lens is critical to company success
Customer Experience: Enhanced supply chain visibility and efficiency contribute to a better customer experience, with faster deliveries, accurate order tracking, and improved communication. Augmented UX experiences could unlock new growth opportunities for your customers & partners.
Risk Management: PGMS is a highly volatile market, Trading PGMS requires risk management to compensate for price fluctuations and exposures, refinery disruptions, supply chain disruptions could significantly impact bottom line revenues. Technology gives the tools for better risk assessment and management and identifies the mitigations that need to take place.
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