Leveraging Data and Technology to Overcome Supply Chain Challenges in the Steel Industry (KEY IJP************615)

• Rishabh Singh

Abstract

The key supply chain management issues in steel industry are variability of demand, variability of price of raw materials, matters related to regulation, and extended supply chain. Concerning the objective of this study, insights and hypotheses about the role of data analytics and novel technologies, including AI, ML, blockchain, and IoT, in reimagining SCM in the steel industry are discussed in this research. The data from the real-time, statistical modeling, and automation of business processes contribute to the companys cost-savings, better operational performance, and optimal decisions. Based on the study, some kinds of technologies and innovations applied by steel enterprises to eliminate systematic constraints, protect supply chain sustainability and fulfill sustainable requirements are illustrated by successful practices. In addition, the paper examines the risks and possible difficulties in implementing technological change in SCM. The insights should offer some practical guidance for industry pioneers to leverage data and technology optimally to have timely, efficient, and integrated supply chain networks integrated in the steel domain.