Lowering the cost of the supply chain using technology is a key objective for many businesses seeking to increase efficiency and competitiveness. There are various ways technology can be leveraged to achieve this goal. Here are some strategies:

Supply Chain Visibility and Analytics: Implementing technologies such as the Internet of Things (IoT) devices and sensors can provide real-time data on inventory levels, production progress, and transportation status. By collecting and analyzing this data, businesses can make informed decisions to optimize their supply chain, reduce excess inventory, and minimize downtime.

Blockchain Technology: Blockchain can enhance transparency, traceability, and trust within the supply chain. By using a decentralized and immutable ledger, it becomes easier to track the movement of goods, verify authenticity, and prevent fraud, ultimately reducing costs related to inefficiencies and counterfeit products.

Artificial Intelligence (AI) and Machine Learning (ML): AI and ML can help optimize supply chain operations by predicting demand, optimizing inventory levels, and improving route planning. Predictive analytics can reduce the likelihood of stockouts and overstock situations, leading to more efficient inventory management and cost savings.

Warehouse Automation: Introducing automation and robotics in warehouses can significantly enhance efficiency and reduce labor costs. Automated systems can handle tasks such as picking, packing, and sorting, leading to faster order fulfillment and fewer errors.

Transportation Management Systems (TMS): TMS software can streamline the process of planning and executing shipments, leading to optimized routes, reduced fuel costs, and better carrier selection.

Supplier Relationship Management (SRM): Technology can help strengthen supplier relationships by facilitating communication, monitoring performance, and identifying areas for improvement. This can lead to better negotiation on pricing and terms, potentially reducing costs in the long run.

Cloud-Based Solutions: Cloud technology allows for greater scalability and flexibility in supply chain operations. Businesses can access and analyze data from anywhere, collaborate more effectively with partners, and implement cost-effective software solutions without heavy upfront investments.

Predictive Maintenance: Implementing IoT sensors and AI for predictive maintenance can help identify potential equipment failures before they occur. This reduces downtime, improves asset utilization, and lowers maintenance costs.

Reverse Logistics Optimization: Utilizing technology to manage the return and disposal of products efficiently can reduce waste and cut down on the overall costs associated with reverse logistics.

Leveraging several key strategies and advancements in technology, small businesses can streamline the supply chain, improve operations, gain efficiencies, and lower costs. It is however, essential to align the apporach and strategies to the organization's goal and address specific challenges and needs that add the most value to the business.