What will the supply chain and logistics landscape look like five years from now? This is a burning question every supply chain player is trying to answer in their own way. For Y3 Technologies, Singapore’s homegrown supply chain solutions company, technology is the key to unlocking the future of the transforming industry.
The advent of Industry 4.0 and digital transformation is changing the way businesses operate. Leveraging the right technology offers supply chain companies the chance to significantly improve their operations. The accessibility and affordability of technology is also providing these companies access to new and different business opportunities like never before.
VENTURING INTO A DIFFERENT BUSINESS
Seeing possibilities, YCH Group, Asia Pacific’s leading integrated end- to-end supply chain management partner, branched out its IT arm in 1981 to form Y3 Technologies. Today, Y3 continues to grow from strength to strength with the provision of software solutions to companies to ensure that their supply chains are run optimally and competitively.
During early days in the business, Y3 saw value chain visibility as a critical area in modern supply chain management. Visibility helps businesses in various ways, such as to gain insights into operations, identify bottlenecks, make quick and accurate decisions, avoid risks and effectively manage unexpected incidents. However, Y3 recognises that the value of visibility goes beyond that as these data collected can be used to empower insight-driven decision making.
This realisation prompted Y3 to research and develop supply chain analytics software that can not only make sense of available data but also be used as a powerful business tool in formulating strategies to drive improvements and attain sustainable competitive advantage.
GROWING NEW VALUE PROPOSITIONS
Against the backdrop of a rapidly evolving world, needs and expectations are also changing continuously. To stay ahead, businesses have to embrace change and be ready to seize arising lucrative opportunities. These trends lead to an increasing demand for utilising analytics to drive improvement in supply chain performance as well as positive transformation.
With the goal of helping companies cope with present-day challenges, Y3 taps on its experience in supply chain analytics to offer insights on the entire value chain – people, processes, assets – to facilitate quicker decisions for global supply chain management. One example is the order and inventory optimisation solution, which helps businesses to optimise inventory management by fulfilling the right stocks for orders across countries.
Given that the pace of change is expected to further quicken in the future, it is foreseeable that supply chain management will increase in complexity, and more supply chain practitioners will have a greater dependence on data analytics to manage their business. Through utilising analytics to spot business symptoms, create insights and identify fundamental root causes for business challenges, Y3 is set to strengthen its value proposition for the supply chain and logistics industry.
CREATING FRESH INROADS TO INNOVATIVE SOLUTIONS
With sights set on growing its global footprints, Y3’s engagement in the Chongqing Connectivity Initiative (CCI), announced in 2015, has brought its business beyond Singapore borders. With the aim of contributing to CCI’s aspiration to become a critical node within the Belt and Road Initiative (BRI) network and help transform the city into an integrated multi-modal hub where goods can move seamlessly, Y3 entered into a joint venture with Chongqing Transportation Holdings Group (CTG) in December 2016.
The joint venture with the second largest transport-related state- owned enterprise in China, has led to the birth of Rizon Technology – an innovation technology service provider, which harnesses the strength and resources of both Y3 and CTG to lead transformation in the logistics industry.
BRI presents many opportunities for countries to access cheaper materials and products, drive job creation and accelerate economic growth. However, to fully enjoy the benefits brought about by BRI, global supply chains need to evolve by harnessing technology to increase operational efficiency and supply chain visibility. Therefore, adopting a strong focus on knowledge sharing, communication and collaboration around new digital technologies that could potentially have a strong impact on improving trade flows, is very important. Y3 looks to offer clients innovative solutions and technical capabilities and build future-ready solutions for the industry – not only in Singapore but around the region.