The metaverse is where the physical and virtual worlds meet. That makes it a perfect vehicle for improving supply chains, where planning in virtual environments leads to execution on a large scale across the globe. Before organizations set their global wheels in motion, they want to set a plan of action that will yield optimal results. The metaverse can help them do that, and it can help them make adjustments on the fly, something that hasn't been logistically possibly until now. Here's how the metaverse is making supply chains truly phygital.
VISIBILITY & COLLABORATION
The metaverse can house virtual twins, digital replicas of key points along the supply chain, including factories, warehouses, and shipping routes. These give instant insight into inventory levels, production capacity, and delivery timelines. Marked with loT sensors and governed by blockchain smart contracts relying on edge computing, individual product units can mark their locations, spur automatic replenishment, and trigger price adjustments in real time to fit demand. As demand rises, people are willing to pay more for a product, but if companies can't respond to that in real time, they miss the opportunity to maximize revenue.
In virtual meeting rooms, stakeholders across supply chains can meet to walk through all links in the chain, sharing their input on the best approaches to logistical problems and make sure everyone is on the same page. This works well for both initial planning stages and making adjustments in real time to unclog bottlenecks and make better-informed decisions.
This story is from the July 2024 edition of The BOSS Magazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the July 2024 edition of The BOSS Magazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
THE SMART MONEY
PROGRAMMABLE PAYMENT S-8— THE FUTURE OF FINANCE 2
WASTE NOT, WANT NOT
MINIMIZING WASTE IN MANUFACTURING
GET YOUR MIND RIGHT
MEDITATION FOR LEADSHIP & CREATIVITY
Trust Your Gut
Personalized nutrition uses in-depth insights to customize diets
MIRROR IMAGINATIONS
RETNKING SUPPLY CHAINS IN THE METAVERSE
Wind IN THEIR SAILS
TASKED WITH CUTTING EMISSIONS RAPIDLY, OCEAN SHIPPERS ARE TURNING TO AN ANCIENT METHOD WITH A MODERN TWIST
Thank you for being a friend
Robot companions help seniors combat Isolation
NEVER WASTE A BREACH
Virginia Tech students are securing the digital world, guided by some of the founders of modern cybersecurity
BALANCING ACT
The largest county in America is going digital. The CIO of California's San Bernardino County shares the challenges and opportunities ahead.
The Next Phase of Work
No longer just a virtual meeting company, Zoom is building a full Al-powered collaboration platform for the future of work