THE ROLE OF TECHNOLOGY IN SUPPLY CHAIN RISK MANAGEMENT: INNOVATIONS AND CHALLENGES IN LOGISTICS

Authors

  • David Olanrewaju Olutimehin Christfill Global Enterprise, Lagos Nigeria
  • Onyeka Chrisanctus Ofodile Sanctus Maris Concepts, Nigeria Ltd
  • Irunna Ejibe Independent Researcher, Lagos, Nigeria
  • Olusegun Gbenga Odunaiya Havenhill Synergy Limited, Nigeria
  • Oluwatobi Timothy Soyombo Havenhill Synergy Limited, Nigeria

DOI:

https://doi.org/10.51594/ijmer.v6i3.941

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.

Published

2024-03-23

Issue

Section

Articles