In 2022, you should expect to see an accelerated level of investment as businesses seek to enhance critical supply chain planning capabilities by adopting more advanced digital enablers, such as cognitive planning and AI-driven predictive analyticsm as well as adding greater integrity and visibility into secure supply ...
In 2023, supply chain trends will focus on automation, sustainability, digitization, collaboration, innovation, flexibility, and agility to stay ahead of changing customer demands and market disruptions.
Supply chain management is the process of delivering a product from raw material to the consumer. It includes supply planning, product planning, demand planning, sales and operations planning, and supply management.
In general, supply chain prospects seem positive in 2023, although not as strong as before the pandemic. Congestion in the shipping industry is getting more manageable now, and recovery is picking up pace. A return to normalcy is anticipated sometime in 2023.
The main trends in supply chain management today are artificial intelligence and automation, supply chain as a service, circular supply chains, risk management and stability, and increased focus on sustainability.
Logistics trends in 2023 are expected to evolve more to cope with global economic and technological advancements. Logistics industries will focus more on automation, labour shortage and real-time tracking for efficient supply chain management.
Leveraging technology like digital supply chain twins, robotics, AI and automation will help keep chains agile, flexible and scalable. Blockchain will step into the spotlight and provide visibility into transactions and processes.
The supply chain issues that have been plaguing businesses seem like they will continue into 2023, and possibly beyond. As long as demand stays ahead of supply, the issue will likely continue. Marketers will have to adapt and confront the supply chain issues and hopefully, have already begun planning for next year.
A recent survey from the Food Industry Association (FMI), a trade organization that represents food retailers and wholesalers, found that 70% of retailers said supply chain disruptions are negatively impacting their business, up from 42% the year before.
By 2025, many supply chains may shift from global flows of goods and services to national, regional, and local networks of buyers and suppliers.
The scope for Supply Chain Management degree holders in Australia can expect a 5% growth in graduates across manufacturing industries and factories. The freight business as already discussed above is set to grow three times as 33% has already been witnessed in the previous 5 year end report.
The Top-level of this model has five different processes which are also known as components of Supply Chain Management – Plan, Source, Make, Deliver and Return.
The salaries for supply chain managers are also extremely rewarding. According to Indeed, the average annual salary can range between $62,543 and $146,215 with an average base salary of $95,628.
At the end of the first quarter, we're seeing three major topics that are challenging the procurement industry: the aftermath of COVID; an increasing need for end-to-end transparency and speed; and the importance of overcoming market and supply chain instability.
Future-proofing the supply chain requires fostering supplier relationships based on trust and mutual benefit. Business reputations hang on product availability, which depends on suppliers. Identifying the suppliers best suited to your operation is a function of data analysis.
Supply chain problems emerged during COVID-10 lockdowns due to shifts in demand, labor shortages and structural factors. Evolving geopolitical factors are now causing new risks and pockets of stress. Affected sectors include metals and mining, chemicals, automotives, semiconductors and technology.
Heard on: For the first time since mid-2020, global supply chains have capacity to spare. According to a new report this week from the consulting group GEP, part of the change is due to companies getting rid of their stockpiles of goods.
Canned foods, pet food and beer may be in short supply due to a widespread aluminum shortage. Lettuce crops and orange groves were affected by plant viruses. One major producer of lettuce lost 80% of their crop in 2022.
Among the most common supply chain challenges in 2021 and 2022 were things like port congestion, manufacturing delays, and extreme weather events (including hurricanes, tornadoes, wildfires, and more).
Some experts believe the current operations of supply chains are the new norm but that they will slowly recover somewhat throughout 2022. The recovery refers to the current economy and financial state of supply chains – in terms of how supply chains operate, that's expected to remain much the same.
Supply Chains Aren't Fixed, But They're Getting There. Problems remain, but complaints of missing parts, delivery delays and gluts of half-finished products are becoming rarer.
Supply chain pressures have eased and will continue to do so. This will help companies produce goods and services to meet buyer demand. Price statistics will also look better.
A supply chain starts with the delivery of raw materials from a supplier to a manufacturer and ends with the delivery of the finished product or service to the end consumer.
Labor Costs
Delivery drivers account for the most substantial chunk of the last mile expenses but are indispensable in logistics operations and supply chains.
So, what are the 7 Rs? The Chartered Institute of Logistics & Transport UK (2019) defines them as: Getting the Right product, in the Right quantity, in the Right condition, at the Right place, at the Right time, to the Right customer, at the Right price.