Despite being crucial in maintaining the world economy and providing customers with essential products at reasonable prices, supply chain management has seldom been an important topic of discussion in the news. However, this changed due to the crisis that ensued due to COVID-19.
The negative effects caused on the economy by the pandemic shed light on the vulnerabilities of the supply chains of today. In addition to that, supply chain managers are now considered heroes for being able to perform their jobs of keeping the products flowing in such critical conditions.
Over the past two years or so, the economic environment has stabilized to a large extent. Nevertheless, we are now aware that things can go upside-down anytime. This is why it is necessary to make a real change that will protect the product flow in the long.
Read on to learn what Benjamin Gordon and Cambridge Capital think about the future of supply chain management.
What’s on the Agenda for Supply Chain?
For the most part, supply chain management has successfully recovered from the drawbacks caused during the lockdown. However, that doesn’t change the fact the supply chain is and always has been at risk of disruption. Therefore, the biggest agenda at the moment is to make supply chain management as foolproof as possible. And technology plays a huge role in this.
According to Benjamin Gordon and Cambridge Capital, here’s how technology will affect the future of the supply chain.
The biggest issue the supply chain has faced over the past few years is a shortage of workforce, and there seems to be no change in that so far. Therefore, the industry would be looking for ways to leverage automation and data lineage to build a reliable supply chain. This seems to be the most effective solution to the gap in labor.
More companies will be adopting autonomous mobile robots (AMRs), which will transform the management of material flow. Not only can these AMRs adapt to the warehouse environment, but they will also be able to predict the shifting process patterns and adjust accordingly.
● Real-Time Data Processing
Another crucial area that the organizations would likely be automating is data processing. Automating big data analytics allows companies to alleviate any disruptions that may occur during digital supply chain management.
As a result, companies that take advantage of such technologies will have greater visibility, quick and data-driven decision-making, predictability, synchronized planning, agility, and effective executions. These operational strategies will enable the organizations to move forward in the right direction and at the right speed.
When it comes to maintaining technology in the long term, sustainability is the key. Having all the technology in the world can be futile if one doesn’t have the means to keep it running, especially when unexpected hurdles show up. According to Benjamin Gordon and Cambridge Capital, building sustainable logistics must be a priority for all organizations in 2023.
As data lineage and automation take center stage, there will also be initiatives to make everything more environmentally friendly and sustainable. Recyclable material will be used during production to minimize waste. It is also expected that reverse flows would be set up to recollect used packaging, products, and other parts to further reduce any waste.
The one upside of the post-pandemic crisis is that supply chain managers are more aware of the possible issues that can arise in the industry. As a result, the right steps are being taken to minimize the damage in the future.