Supply Chain Management Blog
When you think of cognitive technology, what comes to mind? Likely one of those funky virtual reality headsets or – if you’re more of a skeptic – an army of robots rebelling to take over all of humanity. But cognitive technology is about a lot more than futuristic-looking toys and speculation about the future, specifically when you consider its various applications in the manufacturing and logistics industries.
It seems today that every major automotive company is focused on developing autonomous vehicles. From Uber working to develop a fleet of driverless taxis to automakers like Toyota and Mercedes leaking plans for their own autonomous cars, the world has gone crazy over driverless vehicles.
Today’s shopping experience is nearly unrecognizable to that of just twenty years ago. In the past two decades, consumers have shifted where, when, why and how they shop. Gone are the days of shopping exclusively in brick-and-mortar stores. Shopping today no longer requires you to leave your house, or even your couch, with nearly 8 out of 10 Americans reporting regularly shopping online or from their mobile device.
Our world is changing at a rapid rate. Between 1900 and 2000, the increase in world population was three times greater than the entire previous history of humanity – an increase from 1.5 to 6.1 billion in just 100 years. And this population boom doesn’t seem to be slowing down much with 9.5 billion people projected to be living on Earth by 2050.
We frequently stress the importance of delivering exceptional customer experiences; after all, it’s the core of every business and what ultimately drives long-term customer loyalty revenue. Given the shift in the buying process in which customers are now more educated about a product before they even buy, and the fact that they are able to receive a product in a day or less, consumer expectations are at an all-time high. If those expectations are not met or exceeded, your brand will suffer.
In today’s business world, more and more companies are starting to look at business process outsourcing as far more than simply having an accounting firm do the books, a call center company handle support and a PR firm handle the media.
Whether you’re selling to businesses or to consumers, you’re dealing with super-high expectations for the purchasing and delivery of products. The Amazon effect has raised everyone’s expectations about when products should arrive at your doorstep or at the front door of your business.
It’s no secret that customization is the future of consumer products industry. More and more companies are offering consumers the ability to customize and personalize products exactly to the consumer’s liking. In fact, a recent study by Deloitte found that 42% of consumers are interested in technology to customize products and 19% are willing to pay a 10% price premium to customize or personalize products they purchase.
For those in the retail and B2C supply chain worlds, the holiday buying season is our time to shine with Black Friday, and the now more important than ever, Cyber Monday serving as the two biggest shopping days of the year. A massive amount of planning, practice and effort over the past year has to have been executed to make sure you are ready for the big days.
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