The role of technology in supply chain risk management: Innovations and challenges in logistics
1 Shell Nigeria.
2 Matrix Limited Energy, Lagos, Nigeria.
3 Gerald and Gerald Exchanges, Lagos, Nigeria.
Review Article
Magna Scientia Advanced Research and Reviews, 2024, 10(02), 138–145
Article DOI: 10.30574/msarr.2024.10.2.0052
Publication history:
Received on 10 February 2024; revised on 21 March 2024; accepted on 23 March 2024
Abstract:
The review delves into the pivotal role of technology in revolutionizing supply chain risk management practices within the logistics sector. The paper explores the myriad of risks faced by modern supply chains, ranging from natural disasters and geopolitical tensions to cyber threats and disruptions in global trade patterns. It investigates how technological innovations such as blockchain, Internet of Things (IoT), artificial intelligence (AI), and predictive analytics are reshaping traditional risk management approaches by providing real-time visibility, data-driven insights, and proactive mitigation strategies. Through a comprehensive analysis, the study examines the transformative potential of these technologies in enhancing supply chain resilience, agility, and responsiveness to unforeseen disruptions. It highlights the benefits of leveraging blockchain technology for secure and transparent supply chain transactions, IoT sensors for real-time monitoring of goods in transit, AI algorithms for predictive risk modeling, and predictive analytics for identifying and mitigating potential disruptions before they escalate. Furthermore, the paper delves into the challenges and complexities associated with adopting and integrating these technologies into existing supply chain processes, including interoperability issues, data privacy concerns, and the need for specialized expertise. By providing practical insights, case studies, and best practices, the study aims to empower logistics professionals, policymakers, and industry stakeholders to harness the full potential of technology-driven solutions in managing supply chain risks effectively and ensuring business continuity in an increasingly uncertain and volatile global environment.
Keywords:
Technology; Supply Chain; Risk Management; Innovations; Challenges; Logistics.
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Copyright information:
Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0