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Rethinking supply chain in the personalized age
Supply chain management is a crucial process because optimizing supply chain can lead to
reduction in costs and increase in efficiency, directly aligning with any firm’s goal of
generating revenue and profit.
With the digitization of processes in the 21st century, customers have become more
demanding. Consumers are not happy with standard and basic products. They want
differentiated products specifically personalized for their needs. Many companies have
started incorporating mass customization in their culture to gain competitive advantage.
To cater to these growing demands from the consumers’ end, companies need to leverage
technology for making data driven decisions to enhance their supply chain capabilities.
This will help them make optimum use of the resources thereby increasing efficiency.
Instead of following the waterfall model, firms are focusing on agile methodology and, with
the help of the internet, it has become very much possible to interact with customers
continuously. This calls for a revolutionary supply chain to enable hyper-personalization.
Considering the population of this world, even a customized product can have mass
requirement and internet makes it possible for manufacturers to search for people or
businesses longing for a similar kind of customized good or service. This calls for proper
segmentation of customers. To serve these segments, multi-level logistics network needs to
be set-up.
AI can be used to the supply chain industry for optimization. For example, forecasting
