As the world of global commerce continues to evolve, it’s vital for businesses today to keep up with changes in the supply chain landscape. The transition from traditional production and procurement models to agile, highly sophisticated, and technology-driven processes continue at an impressive rate – making it necessary for organizations to recognize not only current trends in the sector but also anticipate upcoming forces that will shape it over coming years. This blog post by Benjamin Gordon Cambridge Capital explores those major trends and emerging forces within the supply chains of 2023: examining best practices and strategies you can use to stay ahead of shifts in customer behavior & market behavior, manage disruption & complexity as well, and optimize investments for maximum return. With Benjamin Gordon Cambridge Capital’s insights here, your business is set up for continued success this decade!
Benjamin Gordon Cambridge Capital Lists Supply Chain Trends & Forces To Watch Out For In 2023
The Supply Chain industry is ever-evolving, and the trends of 2023 are predicted to be more disruptive than ever. In order for businesses to remain competitive, they must understand these Supply Chain Trends and Forces in order to better equip themselves with the right strategies. Here are some key Supply Chain Trends & Forces To Watch Out For In 2023:
1. Supply Chain Integration: Supply chain integration is becoming increasingly important as companies strive for greater visibility across their entire supply chain network. Companies are utilizing technologies such as artificial intelligence (AI), Internet of Things (IoT) devices, blockchain, and digital twins to connect their systems in order to gain an end-to-end view of their supply chain. This allows them to detect potential disruptions quickly and respond in a timely manner. According to SupplyChainBrain, 82% of companies surveyed said supply chain integration is extremely or very important to their business.
2. Supply Chain Resilience: Supply chain resilience is critical for businesses to remain agile and adaptive in the face of disruptions. Supply chain resilience requires companies to be prepared for potential problems by building flexibility into their operations, such as diversifying suppliers, reducing lead times, and shipping multiple sources of inventory. A recent McKinsey survey showed that 72% of respondents agreed that developing a highly resilient supply chain was essential for success in 2020 and beyond.
3. Sustainability: Companies are increasingly investing in sustainable practices to reduce their environmental impact and improve operational efficiency across the board. Supply chain sustainability includes energy-saving initiatives such as reducing fuel consumption, improving packaging materials, and utilizing renewable sources of energy. According to a recent survey by the Supply Chain Sustainability School, 64% of businesses are actively looking to increase their commitment to sustainability in order to drive competitive advantage.
4. Automation: According to Benjamin Gordon Cambridge Capital, automation is becoming increasingly important in Supply Chain operations as companies look for ways to improve efficiency and reduce costs. Automation technologies such as Robotics Process Automation (RPA) and Machine Learning (ML) are being used across Supply Chain processes to reduce errors, free up staff time and increase accuracy. According to a survey by PwC, 87% of Supply Chain executives said that automation was either very important or extremely important in Supply Chain operations.
An example of a business that has successfully implemented Supply Chain Trends & Forces to Watch Out For In 2023 is Amazon. The global giant has invested heavily in Supply Chain Integration, Supply Chain Resilience, Sustainability, and Automation and will be using these technologies to transform their supply chain operations over the next few years.
Benjamin Gordon Cambridge Capital’s Concluding Thoughts
It is clear, says Benjamin Gordon Cambridge Capital, that Supply Chain Trends & Forces To Watch Out For In 2023 will have an immense impact on businesses across the world. These trends and forces should be taken into consideration when creating strategies for the year ahead in order to remain competitive in an ever-changing industry. By understanding Supply Chain Trends & Forces To Watch Out For In 2023, businesses can be better equipped to handle the challenges that lie ahead.