This Year’s Biggest Supply Chain Trends
If you want to know what this year’s top supply chain trends will be, there are few better sources to consult than industry veterans. We outlined the trends that we think will have the biggest impact on the industry this year, and topping the list are technology adoption, traceability, and the expansion of the supply chain footprint.
Organizations are starting to take a closer look at the technology they use to ensure it is actually bringing them more control, savings, and efficiency. Taking advantage of the potential that is offered by Big Data is vital in this regard, and the data must come from all parts of the supply chain in order to provide a comprehensive view of operations so that the areas that are in need of improvement can be easily identified.
The next few years will be all about traceability in the supply chain, particularly as companies continue to expand their global reach. Regulatory agencies like the Food and Drug Administration are putting increasing pressure on companies to know where their products and packaging are at are at all points in the supply chain. Technology will prove essential in this endeavor by allowing firms more visibility as well as control and security.
Supply Chain Footprint Expansion
Customers expect to get their products as quickly as possible these days, and they are no longer willing to accept shipping delays. To meet this demand, many companies are considering constructing new facilities. It is important that they look beyond the capital needed for building such facilities and consider external economic and geographical factors as well, such as weather, interest rates, local military bases, and the regional minimum wages.
This year, many companies are expected to ramp up their efforts in becoming proactive rather than simply reacting to what happens around them, and this shifting approach could well yield higher profits.