Supply chain management teams have witnessed massive changes after the COVID-19 outbreak. With supply chain disruptions continuing in 2023, it is essential to stay on top of the upcoming supply chain management trends.
Trends in supply chain management
Supply chain going green
Green consumerism is a springing up trend in the supply chain industry. With the rising importance of environmentalism and sustainability, the industry is now embracing green supply chain management, which involves integrating environmental practices with traditional supply chain management systems. Over the next few years, the number of companies adopting green supply chain management is expected to increase significantly.
The rise of elastic logistics
The need for elastic strategies in supply chain management has evolved in recent years. The implementation of elastic supply chain methodologies can help companies minimise risks and deal efficiently with market fluctuations in a cost-effective manner. Furthermore, it helps make the processes like shipping, transportation, and manufacturing more flexible and responsive.
Circular supply chain
In recent years, circular supply chains have become increasingly popular because of their profitability. By recycling discarded materials, manufacturers and sellers can make new products. Through the looping of supply chain, costs can be reduced well beyond the initial costs of implementing new processes. Companies can reduce their environmental impact by utilising a circular supply chain.
Automation of supply chains
Artificial Intelligence (AI), Machine Learning, and cloud-based solutions are expected to drive the next generation of supply chains. AI will also play a crucial role in maximising supply chain efficiency. It is also possible for AI to identify patterns in the supply chain, so companies can use this technology to predict demand and manage inventory more effectively. Similarly, augmented reality (AR) and virtual reality (VR) offer numerous possibilities for improving supply chain efficiency. Using AR devices makes multitasking easier. AR and VR technologies increase worker productivity and aid in product development.
Information handling using blockchain tools
Blockchain technology can be utilised to enhance transparency in supply chain management. It helps in minimising disruptions and enhances customer service processes. It helps integrate the supply chain components into a single platform. Major companies that are concerned about supply chain visibility are likely to embrace blockchain technology to make things easier.
Blockchain technology can be utilised to enhance transparency in supply chain management, which helps in minimising disruptions and enhances customer service processes. Its decentralised nature makes blockchain technology an ideal choice for the supply chain industry. Furthermore, it helps integrate the supply chain components into a single platform. Today, major companies that are concerned about supply chain visibility are likely to embrace blockchain technology to make things easier.
Supply chain agility
Agility indicates how quickly a supply chain team can adapt to disruptions. A company’s supply chain must be agile enough to handle natural disasters, changing raw material prices, and natural disasters to maintaining high service levels. Moreover, for a supply chain to outpace the competition and drive growth in the future, it must be agile.
Supply chain resilience
Resiliency is a very important word when the discussion topic is the supply chain industry. A resilient supply chain will make it easier to reduce adverse events faster, provide outstanding customer service, and generate value and market share. A company’s supply chain can be more resilient by increasing agility, diversification, scenario planning, and visibility.
A standard certification for supply chain management
Like any other industry, supply chain management also demands qualified professionals with the right skills to manage the supply chain processes effectively. If you aspire to join a supply chain industry managerial position, you can opt for supply change management certification courses. An MBA in Agile Supply Chain Management can help you gain a comprehensive overview and orientation in supply chain management.
We may see a very different supply chain in the future, and maybe there will be fewer disruptions and shortages shortly. Besides the above trends, supply chain visibility, product life cycles, supply chain integration, workforce globalisation, etc., also affect supply chain management.