The COVID-19 pandemic has changed the face of every aspect of life, including businesses and the way they function. Already a rapidly growing sector, supply chain management is now evolving at an extraordinary pace. In these fast times, it is not enough to merely keep up with change; it is crucial that businesses stay ahead of the game by carefully following trends and analysis’. Here are a few supply chain management trends that experts predict for the near future.
- Increased Risk Management
The pandemic has greatly affected supply chains worldwide and caused immense chaos. In a sector that is always under the threat of disruption, it is imperative that businesses stay vigilant of risks to maintain stability
Digitization refers to the process of converting data into a digital format. In this time where social distancing is key, manual data is no longer practical or purposeful.
- Cloud-Based Solutions
Similar to digitization, traditional supply chain solutions will be impractical in this highly competitive market. Clouds can save all your company’s data efficiently and can be accessed at any time.
- Going Green
Sustainability and environmental consciousness are more than a trend, it is a necessity for the future. Sustainable manufacturing, reduced waste, ethical sourcing etc. are all gaining momentum and it is crucial that businesses make these necessary commitments.
- Circular Supply Chain
As mentioned previously, as sustainability becomes more important, circular chains will dominate. Raw materials and discarded products can be recycled and reintroduced into the manufacturing process.
- Internet of Things (IoT)
The internet of things describes physical object that are embedded with sensors and other technologies that connect and exchange data with other devices over the internet.
Customization is predicted to increase at different levels in the coming years. Segmenting the supply chain, custom manufacturing, custom strategy etc. are few of the changes that businesses might need to start considering.
Artificial intelligence and automation are predicted to see a sharp rise in the future. The increasing demands for speed and accuracy drive up the need to streamline repetitive tasks. Radiant, one of the best logistics companies in Kolkata, continues to strive towards staying ahead of competition with innovation.
Radiant is a full fledged 3PL company that offers a variety of exceptional services and innovative solutions for all your logistics needs. The years of experience and strict adherence to quality and customer care have resulted in it often being hailed as the best logistics company in Kolkata.