Technological innovations in accounting for food supply chain management

Technological innovations in accounting for food supply chain management

17-07-24 | Adekunle Stephen Toromade, Deborah Aanuoluwa Soyombo, Eseoghene Kupa, & Tochukwu Ignatius Ijomah
The article reviews the significant transformations in food supply chain management driven by technological innovations. Key technologies such as blockchain, Internet of Things (IoT), artificial intelligence (AI), and big data analytics have revolutionized traditional accounting practices, enhancing efficiency, transparency, and sustainability. Blockchain ensures transparency and traceability by providing an immutable ledger of transactions, reducing fraud and food safety risks. IoT devices enable real-time monitoring of environmental conditions, optimizing food transportation and storage. AI and machine learning algorithms optimize inventory management and demand forecasting, while big data analytics provide valuable insights for decision-making. Despite these benefits, challenges such as data security, interoperability, and skilled personnel remain. Addressing these challenges is crucial for fully realizing the potential of technology in creating a resilient, transparent, and sustainable food supply chain. The article concludes that technological innovations are key enablers in transforming the food supply chain management landscape, offering new opportunities for stakeholders to enhance efficiency and sustainability.The article reviews the significant transformations in food supply chain management driven by technological innovations. Key technologies such as blockchain, Internet of Things (IoT), artificial intelligence (AI), and big data analytics have revolutionized traditional accounting practices, enhancing efficiency, transparency, and sustainability. Blockchain ensures transparency and traceability by providing an immutable ledger of transactions, reducing fraud and food safety risks. IoT devices enable real-time monitoring of environmental conditions, optimizing food transportation and storage. AI and machine learning algorithms optimize inventory management and demand forecasting, while big data analytics provide valuable insights for decision-making. Despite these benefits, challenges such as data security, interoperability, and skilled personnel remain. Addressing these challenges is crucial for fully realizing the potential of technology in creating a resilient, transparent, and sustainable food supply chain. The article concludes that technological innovations are key enablers in transforming the food supply chain management landscape, offering new opportunities for stakeholders to enhance efficiency and sustainability.
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Understanding Technological innovations in accounting for food supply chain management