Last week, we learned about how the supply chain works currently. This morning, we learned about the future of the supply chain and the different innovative solutions being implemented to make the supply chain more efficient and sustainable. In the afternoon, a couple friends and I went to the Cyprus Museum to learn about Cyprus’s past.
This morning’s activities took place at the PwC Cyprus Experience Center. PwC stands for PricewaterhouseCoopers and it is the second-largest professional services network in the world. PwC is considered as one of the Big Four accounting firms. PwC welcomed us with a hologram in which they explained to us the objective of their Experience Center: to combine creativity, research and the wide spectrum of the organization’s services to help innovators achieve their goals. The hologram was extremely lifelike. I had never seen a hologram in my life up until this point.
After the hologram introduction, we attended a presentation about The Connected and Autonomous Supply Chain Economy by Michael Muller Bungart. He explained that digital champions must have supply chain transparency, closed loop & integrated planning, smart logistics, dynamic supply chain segmentation, and AI driven supply chain management. 14.3% of the automobile industry and 11.8% of the semiconductor industry are digital champions. However, only 6.6% of the pharma & medtech industry and 4.0% of the engineering industry are digital champions. That is because the automobile and semiconductor industries are more agile and dynamic. Digital champions have began to transform their supply chains toward dynamic segments, allowing more flexibility tailored to customer needs. Digital champions use AI to turbo-charge supply chain capabilities, fueled by their ability to leverage external data. I look forward to see the growth of companies through the improvements made by technology in the supply chain.
Next, the CEO of Superhome Center (DIY) Ltd spoke to us about the home improvement industry. He emphasized the importance of transparency when it comes to gaining the customer’s trust and eventually their loyalty. For instance, before the pandemic Superhome did not have an online store, but within two weeks they quickly set up an online store to maintain their business during a time in which people could not leave their homes. Their goal was to not lose the customer because loyalty will matter after the pandemic. They also know that online sales are the future of shopping.
After those two presentations, we entered a workshop/networking event. The first station was about the blockchain. The block chain allows people to verify information about products which improves a company’s transparency. For instance, one can verify whether the product has met safety guidelines, has recycled materials, and is an original product. This is especially important with the traceability of food products. The second station described companies that contribute to a circular economy. One company is BioBean. They take coffee grounds from consumers and make biomass pellets for heating buildings which reduces consumer waste. The new global challenges require new solutions and innovation to transition to a circular economy. The third station was about the customer experience. Businesses must build value, create something memorable, and make it real in order to bring clients inside their doors. Customers are the foundation for a supply chain, because without them, there is no need for a supply chain.
In the afternoon, we were given free time so I decided to go to the Cyprus Museum with some friends. The Cyprus Museum is the oldest and largest archaeological museum in Cyprus. Despite knowing that, I was still impressed by the quantity (and quality!) of the artifacts. For instance, we saw pottery from the bronze age (2500-1900 BC) and statues of Greek gods and goddesses like Apollo and Hera. We also saw various weapons, construction tools, and cooking utensils. It is neat to see these artifacts in their original location instead of in a museum elsewhere. It is incredible how humans have been creating and innovating for thousands of years. Therefore, I felt like visiting this museum was a fitting way to bring our academic endeavors to an end.