Investment alone won’t drive innovation; you need a clearly defined vision to drive value from advanced fulfillment technologies. See how AutoStore helps.
For most businesses, technology drives innovation. This explains why 78% of businesses planned to prioritize their investment in technology in 2022. Yet, PwC’s Digital Trends in Supply Chain Survey 2023 revealed that a mere 17% of global executives found their tech investments actually delivered on expected results.
This shows that investment alone won’t drive innovation. Why is this the case? Well, the problem is that without goals, understanding, and purpose — i.e., a clearly defined vision — the new technology adopted is a wasted investment. To navigate innovation, you must start first with the challenges you’re facing, and then understand how to apply the right technologies to overcome them.
So, let’s look at the areas of your fulfillment operations in which, with a clear vision in place, you can use innovative technology to drive significant value.
The ability to scale operations while maintaining a healthy margin is for sustainable growth. Yet, seasonal product demand can often prove problematic with the sudden need to increase your workforce to handle the demand. Of course, this can be costly and cumbersome.
Technology is a key part of the solution. Using AutoStore Robots for picking allows a business to scale instantly and easily in the face of fluctuating demand, without disrupting your current operations, and without hiring any extra people. Czech e-grocer Rohlik doubled its productivity with our Robots; Decathlon doubled stock capacity. Coupled with advanced predictive analytics that allows you to better forecast and plan for different scenarios, you’ll always be able to maintain operations during demand peaks.
This innovative step forward in scaling up also gives businesses an opportunity to scale down. With corresponding cost and sustainability benefits. Using Robots, brands can reduce warehouse footprints by 75% when compared to conventional storage, and some of our clients have seen a reduction in electricity costs of up to 75%.
At a time of waning customer loyalty, you don’t want to give them any reason to shop elsewhere. No disruptions, no delays. Using software like a warehouse management system (WMS), you can gain the visibility and control you need to start optimizing the flow of goods in your fulfillment operations and across the supply chain. This allows you to improve inventory management, meet fluctuating seasonal demands, remove bottlenecks, and make returns simpler. All of which add up to a better experience. To achieve this, data must be connected. When data is siloed (as it usually is) this holistic understanding is impossible.
However, innovation here isn’t only about data. Efficient supply chains are dependent on strong, seamless human-tech interactions. At AutoStore, we make goods come to people. This means with technology handling the repetitive inventory management tasks, you can focus on moving goods to customers.
Siemens is known for its innovative technology and chose AutoStore for one of its key production warehouses in Chemnitz, Germany. The AutoStore system operates 34 Robots over 45,080 Bins and 5 ConveyorPort workstations. And the results are transformative:
Read the full case study here.
Innovation is the cornerstone of modern business growth. Those who fail to innovate, won't stay ahead. However, the options available with technology are nigh-on limitless — as are the people who will happily sell them to you. This is why it is so important. You need a clear understanding of your specific goals and challenges to select the best technology to help you succeed. Without this vision, it can become a wasted investment.
With more than 1,500 patents and patent applications today related to cubic storage technology, innovation is part of the AutoStore DNA. Two years ago, the Norwegian Prime Minister opened our Innovation Hub in Karmøy, Norway. Giving us the ability to do things such as replicate hot and cold weather conditions and simulate earthquakes, it helps us push the boundaries of what’s possible in fulfillment. Our restless enthusiasm for improvement helps us make space for incredible, business-defining change. Let your business be the next.
Navigating a quickly evolving innovation landscape has been identified as one of the 5 main challenges for global fulfillment in the next 5 years. To learn more, download our full research report today: 5 Challenges for Global Fulfillment in the Next 5 Years.