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If history has taught us anything, it’s the necessity to prepare ourselves well-before time for any societal advancements; a thought that echoes in the minds of all Logistics & supply chain management leaders of today.
Despite there being massive uncertainty about what the future might hold or how specific aspects might change over time, there still are certain plans that can in motion today to prepare for any possible future scenario.
Today’s feature outlines a few recommendations for how organizations can not only welcome this change but also capitalize on this change to achieve greater targets & create waves in the industry. The Future of logistics and supply chain management will bring a huge revolution and will change market dynamics.
The Rise of Automation & Migration
As Hollywood has shown us time and time again, there will come a day when robots will take over the market for labor leading to mass displacement. With the rise in AI, there is no shying away from the fact that this is no more a Hollywood dream but rather an upcoming reality.
So, companies in the supply chain management industry can mitigate this uncertainty by instilling inclusive and responsible labor practices.
This can take place in the form of redirecting resources to engage with stakeholders or carry out cross-industry outreach to various actors, all in an attempt to better enforce labor laws to guarantee some form of job security.
More so, this is the time for these very organizations to plan and plan their workforce transitions & ensure that resources are not only taken care of but also granted their legal rights.
Creating Regional Sourcing Hubs
Since we expect growth, this is the perfect opportunity to capitalize on the future & work towards achieving customer demands & reaching a wider demographic. Supply chain leaders now have the opportunity to construct regional supplier networks that can not only meet market expectations but also cater to sustainability needs.
Now is the time to reach newer markets & develop smart sourcing models by making use of the growing technology at hand and preparing for the future.
Supply Chain Integration
Gone are the days when the supply chain was only a ‘mechanical’ entity in the larger ‘picture’ of business operations. Instead, the realization has now set in on how these teams are quite integral to the operation.
The data that flows through supply chain operations have immense potential of knowledge they can offer organizations, so benefitting them.
The future supply chain is more than punching orders & ensuring smooth transactions and deliveries; now it is about using demand forecasting to create marketing promotions, or enhancing sales based on efficiency data understanding the impacts of other business areas on supply chain processes.
All in all, it’s about recognizing how integral it is to business operations moving ahead.
Despite efforts to maintain a traditional approach, the world of the supply chain has been unable to keep up with the constant change & so has concluded that digitization is no more an option but a necessity.
Supply chains are complex global networks that use technology to keep up with large amounts of data that are interlinked with tons of other information. So the need to establish transparency and end-to-end visibility is of the utmost importance due to the growing involvement of diverse stakeholders; an aspect that digitization can take care of.
More so with the integration of a variety of data types such as storage locations, timestamps & vendors amongst others, digitization solves the complex problem of information divide and composes all data onto a singular platform.
Through digitization, not only are supply chains becoming more effective but are also catering to individual needs, both of which can contribute to a rise in sales & better productivity.
Time is gone when the supply chain was a rather straightforward process that had little or nothing to do with the nuances of the world of business in particular. Now is the time for it to arrive at the forefront of organizations to take over the steering wheel for the future that lies ahead