Tomorrow's supply chains

Ensuring the continuity and efficiency of the supply chain is one of the biggest challenges for industrial players. The so-called bullwhip effect and the fragility of global supply chains are forcing large industrial companies, such as thyssenkrupp, to take advantage of the opportunities of modern technology to increase their efficiency. According to current trends, digitization, collaboration and partnership are the key areas where actors who do not want to be left behind in the competition for customers might and need to develop.

Digitization

Although many companies are talking about the digital transition, for most of them it is only the music of the future, while they have to respond to the challenges today. In order for companies that produce and distribute, for example, stainless steel or industrial plastics to be able to remain competitive, they need to accelerate the digital transition, because digitalization improves transparency and efficiency by providing real-time data about the entire supply chain. Artificial intelligence, AI, which can be used primarily for predictions and optimization, is of great help in this. However, we must not forget that the human factor cannot be eliminated from the equation, no matter how advanced artificial intelligence becomes.

Cooperation

The importance of open data sharing and collaboration between all actors in the supply chain cannot be overemphasized. End-to-end (E2E) data collaboration enables real-time information exchange and better coordination, and holds enormous potential for transforming the supply chains of the future. Standard data formats that are understandable to everyone and efficient communication channels are key to increasing efficiency.

Partnership

Trust and cooperation are essential for the success of end-to-end data collaboration. Sharing common goals and risks promotes effective partnership, a

and open communication and joint learning ensure continuous development.

thyssenkrupp Materials Services, which also distributes steel tools, steel rods and architectural plastics, is doing everything it can to adapt to tomorrow's challenges and to ensure the continuity of the supply chain, while also keeping sustainability in mind.