Global Journal of Commerce & Management Perspective
Open Access
ISSN: 2319-7285
+44 1300 500008
ISSN: 2319-7285
+44 1300 500008
Opinion Article - (2022)Volume 11, Issue 2
The term "financial supply chain" refers to monetary transactions that take place between trading partners in order to facilitate the purchase, manufacturing, and selling of products and services. Companies frequently devote significant resources to controlling their physical supply chain, at the expense of their financial supply chain. Disabling these interconnected supply chains can have serious effects for a company's operating capital and, in certain cases, risk its very existence.
Management
Through the ongoing broad execution of the "Internet +" growth plan, supply chain finance based on Internet technology is gradually becoming the primary source of funding for small and medium-sized firms (SMEs) [1]. Supply chain finance is strongly linked to physical industry and finance, which has tremendously aided the continuing development of the supply chain's primary entities, particularly small and medium-sized firms. As a result, by incorporating blockchain e lements and features [2] into the various application connections of supply chain finance, it is possible to effectively meet the challenge of SME financing in supply chain finance.
• COVID-19 has an effect on organizations and industry as an opportunity for innovation.
• Exploiting the Human Cyber-Physical Production System's Potential in a Pandemic.
• Defining the Plug-and-Play worker, Remote Operator 4.0, and Operational Staff Predictive Health.
• Promoting digital sourcing (for example, additive manufacturing) and product/process innovation.
• Lessons learnt from prototype creation are presented, as well as real-world business applications.
Applications of supply chain management
• Increased use of technology and digitalization.
• Increase in tech-enabled procurement.
• The growing share of small-sized retailers.
• Drone deliveries.
• Climate-smart supply chain planning.
Increased use of technology and digitalization: The crisis has granted cloud technology a huge boost, and by 2028, it is predicted that the business would be [3-5] worth $1250 billion. Increased digitalization makes it possible to see entire supply chain, increasing transparency and assisting in the prediction of interruptions. As a result, stakeholders can make decisions more quickly based on current information. As an illustration, this is predicted as new era technology would progressively change the business landscape. Internet of Things (IoT), Artificial Intelligence (AI), data analytics, and other technologies will be used in so-called "smart shipping."
Increase in tech-enabled procurement: With Covid-related travel restrictions imposed, the usual management system is a set of travelling to the supplier is interrupted, increasing reliance on tech-enabled sourcing. With technologies like as Augmented or Virtual Reality, AI, and Blockchain, remote sourcing is expected to become more prevalent [6].
The growing share of small-sized retailers: Due to the huge shift in power of the global retail business in advantage of third-party e-commerce platforms, smaller-sized retailers will exert more control over the global retail sector. SME retailers will emerge as a major sector, resulting in a transformation in global sourcing from traditional, in-house sourcing specialists to independent or freelance supplier management experts who would collaborate with numerous purchasers for shared procurement resources [7].
Drone deliveries: Drone Rules 2021 in India should pave the way for speedier deliveries, better logistics, and significant cuts in carbon emissions. Drones make last-mile deliveries possible and are increasingly popular in congested urban areas. The first made-in-India heavy-lift drone, the HL-150, has the potential to alter the logistics sector because this can transfer 150 kg of cargo over a distance of 150 kilometres. As a result, a delivery that presently takes up to 72 hours to deliver and will be delivered in 8 to12 hours.
Climate-smart supply chain planning: It is estimated that 90% of millennials would pay more for things created in a sustainable manner. As a result, in order to be more ecologically responsible, businesses will progressively implement emissions reduction plans and push for greener business solutions. Greener modes of transportation are becoming more popular, with the global electric truck market expected to reach $1,893.1 million by 2027. Electric two-wheelers, three-wheelers, and light commercial vehicles are becoming increasingly popular as businesses replace their current fleet with greener vehicles. The logistics and supply chain sector will integrate smart and planet-friendly solutions into their operations [8].
Supply chain financing has become increasingly rapidly as the global economy experiences turbulence. All parties (buyers, sellers, and financiers) can benefit from embracing cutting-edge technologies and turning digital. It ensures openness, improved liquidity, and a larger pool of resources for both collaboration and competition. Supply chain financing can assist suppliers stay operational by filling in the different gaps where organizations lack funds.
Citation: Cao Y (2022) Advanced inancial Supply Chain Management Technology in Digital Market. Global J Comm Manage Perspect. 11:010.
Received: 31-May-2022, Manuscript No. GJCMP-22-18396; Editor assigned: 03-Jun-2022, Pre QC No. GJCMP-22-18396 (PQ); Reviewed: 17-Jun-2022, QC No. GJCMP-22-18396; Revised: 23-Jun-2022, Manuscript No. GJCMP-22-18396 (R); Published: 30-Jun-2022 , DOI: 10.35248/2319-7285.22.11.010
Copyright: © 2022 Cao Y. This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.