The COVID-19 pandemic has completely changed the way people do business. The global supply and logistics businesses have to face an array of challenges to meet customer satisfaction in these tough times of pandemic. However, most businesses are already in recovery mode and have learned lessons from the problems that COVID-19 has caused over the past year. Those that failed to take action against potential future disruptions were the ones that were most affected.
Now more than ever, we can see how investing in supply chain resilience is important in order to build stronger long-term operations that can mitigate the effects of upcoming events such as this. As of late, new supply chain technologies have emerged with the aim of improving visibility across the end-to-end supply chain.
Technologies like AR/VR are all set to transform the future of logistics and supply chain management. Digital Supply Networks are on the rise, taking over the traditional silos and breaking them down from their linear model. With such advancements at hand, businesses are now directly connecting to their supply network in order to improve visibility, speed, and collaboration. Let’s find out how.
The Global AR/VR Market Size
Augmented Reality (AR) and Virtual Reality (VR) are not just concepts we see in movies. They have turned into a reality that is being used in many industries worldwide and is fast becoming an integral part of a businesses’ operations. As of 2020, the global AR/VR market size has reached a value of $30.7 billion dollars. According to forecasts, this number is going to rise dramatically to $296.6 billion by the year 2024.
Experts believe that the rise in the use of smartphones and computers, as well as how many industries and businesses have now begun to adopt these technologies is what will cause this market to bloat. Add on to the fact that vendors are now looking at ways to reduce prices of using this technology, it makes sense for this market to grow at such a pace.
Impact of AR/VR on Logistics and Supply Chain
Both AR and VR have the potential to revolutionize the way the traditional supply chain works. If integrated well into any business, an augmented reality warehouse shall speed up and improve the efficiency of employees in the picking process, while virtual reality is critical in improving the current process of deliveries.
To improve the delivery process, VR can be used on the delivery vans and packages themselves. To check their routes, drivers would usually have to use their navigation systems which causes them to look away from the road ahead. With VR, this information can be broadcast on the windshield so that the driver can see the route while also not placing himself and the van in danger.
With the way these technologies are improving, logistics companies that fail to take this into account will soon fall behind those augmented reality logistics companies that adopted and implemented these strategies early on.