The future of supply chains: What’s next?
Ongoing global disruption has pushed the supply chain industry into a phase of unparalleled transformation. Everything from the present pandemic, rapidly changing supply-demand dynamics, and technological advancements have accelerated radical change.
Supply chain resilience has become increasingly valued as organizations look to prepare themselves to face the unexpected. Today, we are looking at building supply chains that don’t merely survive disruptions but have the capacity to flourish amid the chaos.
As your organisation navigates through 2020 and prepares for the future, here are some trends that will continue to dominate supply chain management in the years ahead:
No slowing down for technology
Companies today are leveraging technology more than ever and will continue to do so in the future. The recent spike in demand for integrated supply chain solutions that automate operations, increase efficiency and profitability, has shone a spotlight on the need for businesses to turn to technology to help them ride through a crisis.
While fortifying your supply chain resilience, be mindful of the fact that the digital-first mindset is here to stay. The future is cloud-based, automated solutions, whose innovations in machine learning, internet of things and artificial intelligence are rapidly reforming supply chain management. By adopting these technologies you will not only be able to capture weaknesses in your system but also reveal hidden opportunities in your business model.
The big data buzz
We are living in the big data era where supply chain management is data-driven and automated analytics demand the attention of supply chain professionals. To stay relevant in the market, ensure that you gather business intelligence by processing the data that your supply chains generate regularly and leveraging the insights gained.
Unlike before, the availability of advanced algorithms has not only simplified the complexity of data science but has made converting data into actionable insights easier. The key is to use these tools(be it for container tracking or international freight procurement) to your advantage along with the right guidance and a thorough understanding of your business needs.
Credits: McKinsey & Company
Smart sustainable sourcing
The COVID-19 crisis has brought into sharp focus the need for companies to diversify sources and adopt sustainable sourcing. As organisations begin to recover, there is immense scope to strategically plan sourcing from both a business as well as a sustainability perspective.
Similarly, recent disruptions have starkly illustrated the dangers of relying on a single source. Moving ahead, far greater disasters lay in wait if businesses fail to pay heed to sustainability in the present.
Corporate Social Responsibility has become an integral component of success in today’s market. Adopting ‘green logistics’ will not only help the environment but also enhance your company’s reputation, increase customer loyalty and market share, and in the long run, lower costs.
At the core of today’s modern supply chain management lies one key solution to achieve sustained success: operating with a proactive and lean approach.
To learn more about how you can fortify your organization’s supply chain resilience through digitised automation, reach out to us here.
Also, check out our recent e-Book on building supply chain resilience post-2020.