How Technology is Shaping Apparel Sector Supply Chains in Sri Lanka: Shifting to Nearshoring and Reshoring
This blog examines the implications of tech-led supply chain changes on Sri Lanka’s apparel industry and argues that it is important to prepare early for forthcoming changes through a holistic approach, engaging a spectrum of stakeholders to improve the competitiveness of the industry. Prioritising investment in innovation and skills and improving the efficiency of business processes is critical for Sri Lanka’s apparel industry to remain competitive in the changing tech-landscape.
Data protection is increasingly becoming relevant to Sri Lanka, with the rapid rise in digitalisation and digital connectivity. At present, there is no consensus for a single model for data protection laws. However, compatibility is the stated objective of many global and regional data protection initiatives. Sri Lanka’s data protection laws need to be drafted to be internationally accepted, to facilitate the smooth cross border transfer of data.
It is estimated that the global blockchain technology market size is expected to reach USD 21,070 million by the end of 2025, with a compound annual growth rate of 38.4%, showing a promising start for the upcoming technology. The main advantages blockchain provide are its immutable ledger system, decentralised network, and transparency of transactions. This blog discusses the potential benefits and challenges in implementing blockchain technology for voting and the banking sector in Sri Lanka as well as data privacy concerns.
The term ‘data scientist’ did not exist a little more than a decade ago. However, with the increasing rate of technological progress, the term “data scientist” is now casually thrown around in the tech realm. This blog argues that developing more data scientists can help Sri Lanka not only develop local businesses, but also earn foreign exchange.
The new technological advancements in the Fourth Industrial Revolution (4IR) are altering the way people live, work, and interact with one another. Since the technologies of the 4IR are highly dependent on data, including big data, it is important to formulate strong policies to facilitate the sharing and protection of data. Another major requirement is to ensure that necessary infrastructure, especially access to the internet, is in place, so that the benefits of the 4IR can be enjoyed by all.