Since the latest global pandemic and the great resignation had a tremendous impact on the worldwide supply chain, it has become crucial for businesses to implement strategic practices to strengthen supply chain resiliency.
Many businesses are still finding it challenging to adapt to the changes that the latest pandemic has enforced on them. The global consumer, employee, and industry needs are evolving tremendously, and businesses must embrace them to improve their operations.
According to recent research published by Grand View Research, the supply chain management market size globally was approximately USD 21,129.2 million in 2022. The report also suggests that this market was valued at a CAGR of 11.1% from 2023 to 2030. The supply chain will always be the core of every business and should be developed with vigilance to avoid any challenges.
Also Read: Human Resource Technology Trends In 2023
Following are a few futuristic supply chain trends that businesses need to consider in 2023 and beyond:
Many industries have increased their adoption of artificial intelligence (AI) and automation tools in their operations to enhance the outputs. Automation has been a crucial aspect of most supply chains for a long time now.
Business leaders have adopted AI-based automation tools to reduce human effort and maximize output with accuracy. Integrating automation and artificial intelligence into the supply chain stack enables businesses to accomplish complex tasks without human interaction.
Business leaders can evaluate their entire supply chain right from their assembly to the delivery line to discover opportunities to leverage digital twin technologies to improve business efficiency.
Multiple automation opportunities exist in the supply chain that helps reduce the time required for manufacturing and delivery. CIOs can consider integrating AI-based procurement software to make accurate procurement decisions, streamline inventory management and fasten the logistics.
Business leaders can even leverage artificial intelligence and machine learning tools in their IT infrastructure to make accurate predictions based on the demand in the market. It is one of the most effective ways for businesses to get a higher ROI and improve the efficiency of their supply chain, as companies have to make real-time decisions depending on live supply chain data through manual methods.
Businesses need better tools and data analytics to make accurate decisions to avoid costly disruption. Integrating digital supply chain twins is another futuristic tech trend that business leaders need to consider in 2023 and beyond to improve effectiveness. Embracing this technology will help businesses to redevelop the entire supply chain by making it more accessible.
Supply chain leaders can integrate digital twin technologies in their IT infrastructure to identify production delays and their impacts. This technology helps businesses to carry out repairs in areas that need to be maintained.
Supply chain leaders have started integrating the Internet of Things (IoT) to create a network of all the physical assets interconnected by a wireless network. Embracing IoT tools in the supply chain will play a crucial role in improving the efficiency of the supply chains, especially in logistics.
In addition to offering better insights into operations and logistics, business owners can integrate internet of things devices to transform warehouse management, fleet monitoring, maintenance, and inventory control. Many businesses already have integrated IoT devices on their tech stack to efficiently develop smart warehouses and fleets.
Gathering data from IoT devices and evaluating them in real time gives them a holistic view of the entire supply chain, from manufacturing to delivery. Based on the needs of the supply chain, businesses can integrate IoT devices to accomplish desired implementation goals. Many IoT vendors will help companies to customize a tool that fits their needs.
Another significant futuristic supply chain technology trend is Blockchain. With the increasing popularity of Blockchain and its application, it has become essential for supply chain leaders to embrace these tools in their IT infrastructure.
Implementing Blockchain tools will help improve the visibility of the entire distribution cycle and overall security. Business leaders can leverage Blockchain’s database structure to develop a successful supply chain with maximum transparency.
The ability of Blockchain to create uneditable databases helps to improve transparency throughout the supply chain process.
Integrating this technology in the supply chain operations enables the business to improve material tracking from procurement to delivery. It is one of the most effective ways to reduce the paperwork and administrative processes.
This digitized supply chain helps businesses improve transactional security and transparency with suppliers and subcontractors. The most significant impact will be preventing fraud and other potential threats to the supply chain.
Also Read: Descartes, a provider of supply chain software, acquires GroundCloud for USD 138M
Modern supply chains have become very complex and intricate, and businesses need to be capable of managing this complexity with ease. Migrating from manual processes to a digital environment will need professional skills and resources to make the most out of the data gathered through IoT devices.
Most businesses do not have the resources, talent, or skillsets to accomplish a supply chain digital transformation. Such companies can outsource modernizing their supply chain tech stack to improve the efficiency of their supply chain.
Multiple Supply Chain Service providers offer their services to optimize the client’s distribution chains. The best SCaaS vendors have top-notch customer experience teams, enhanced productivity, and lesser costs. B
usiness leaders need to consider partnering with the best SCaaS provider that can customize its services based on its distribution chain. Supply Chain as a Service offers a strategic opportunity for businesses that want to enhance their supply chains. SCaaS providers are increasing, and the industry will continue to grow exponentially from 2023.
These are the few trends that supply chain leaders need to consider to improve the strength of their distribution cycles.
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Nikhil Sonawane is a Tech Journalist with OnDot Media. He has 4+ years of technical expertise in drafting content strategies for Blockchain, Supply Chain Management, Artificial Intelligence, and IoT. His Commitment to ongoing learning and improvement helps him to deliver thought-provoking insights and analysis on complex technologies and tools that are revolutionizing modern enterprises. He brings his eye for editorial detail and keen sense of language skills to every article he writes. If he is not working, he will be found on treks, walking in forests, or swimming in the ocean.
