The supply chain world is racing toward a smarter future. Fueled by a technological revolution, half of all supply chain organizations are projected to invest in AI and advanced analytics by the end of 2024. With over two-thirds of businesses already leveraging low-code platforms for greater agility, the writing is on the wall: the “smart” supply chain isn’t just a buzzword; it’s the new reality.
This tech-driven transformation means your supply chain can be more nimble, more responsive, and less prone to costly errors. Imagine a future where you react instantly to disruptions, proactively solve problems, and enjoy unparalleled visibility into your operations. The possibilities are endless.
But here’s the catch: to unlock the full potential of the smart supply chain, businesses need to break free from the outdated systems and siloed data that hold them back.
Supply chain trends in 2024: A global overview
Advancements in AI, data analytics, automation, and more are rapidly transforming how we do business. Here are seven global supply chain trends to watch out for in 2024:
Generative AI: This powerful subset of AI can analyze vast amounts of data, learn the nuances of your supply chain, and optimize everything from compliance to production workflows.
AI-enabled planning: Say goodbye to manual processes and hello to data-driven decisions. AI can supercharge your sales and operational planning for better predictability and bigger profits.
Data is your secret weapon: The amount of data generated in your supply chain is staggering. Focus on collecting clean, relevant data to fuel your tech investments and meet those all-important ESG goals.
See beyond your immediate suppliers: Break down those visibility barriers to gain deeper insights, identify risks, and drive your ESG initiatives forward.
Low-code platforms: These platforms empower your team to quickly build and implement new capabilities without needing a computer science degree. Faster, more flexible solutions are within reach.
ESG & scope 3 emissions: It’s not just about measuring your own emissions anymore. Focus on tracking and reducing emissions across your entire supply chain.
Electric vehicles & logistics: Electrification and automation are transforming transportation and logistics. Get ready to optimize routes, reduce emissions, and enhance customer experiences.
Supply chain survival checklist
If you’re looking to implement a plan for supply chain management within your business, it might be helpful to go through a checklist:
Map your supply chain
Supply chain mapping involves identifying key stakeholders, understanding supplier relationships, and establishing cost and timings involved in each part of the chain. Once this is done, you can identify risks and track the flow of data between touchpoints to identify where processes might be streamlined.
Improve workforce planning
Implementing an integrated e-commerce solution allows you to prioritize what’s most important to the continued functioning of your business: the people.
Invest in communications
In times of crisis, speaking with a clear and unified voice indicates strong leadership and direction. But effective communication exists beyond good PR or marketing. Your customers manage their expectations based on the information you provide them, so staying transparent and as accurate as possible is integral to productive relationships, especially during supply chain bottlenecks.
Strengthen customer relationships
Each of your customers are different, as are each of your customer relationships. Having this reflected on your web store can help boost revenue and leave them feeling personally catered to without overextending your sales or customer service teams.
The benefits of choosing the right e-commerce platform
When you take advantage of process innovation, you deliver better experiences to your customers. Digital transformation allows companies to improve transparency, reliability, and convenience in the purchase process.
Moreover, a great e-commerce store should allow you to:
Display relevant information: The online platform should provide accurate and real-time information about products and parts, inventory levels, delivery, payment terms, returns and pricing – including information optimized both for prospective buyers looking for potential solutions or suppliers, as well as for current customers looking to place an order.
Offer optimized functionality: At the very least, buyers should be able to pay and check out, place a (repeat) order, track their orders, manage their returns, and pay invoices online quickly and easily.
Handle the complexity of B2B orders: The e-commerce platform should have the right structure in place to process complex orders, including those based on complex pricing and discount structures.
Prevent order errors: Product information, pricing and inventory levels should be accurately displayed in the web store 24/7. And the online platform should provide customers with order history and account data to assist them in avoiding entry and selection errors.
Provide agile, scalable and future-proof solutions: Integrated e-commerce as well as a cloud-based solution ensures your digital transformation strategy puts you ahead of the competition.
Don’t get left behind: Seize the smart supply chain advantage
The future of supply chain management is here, and it’s smarter than ever. By embracing AI, data analytics, and innovative technologies like low-code platforms, you can transform your supply chain into a nimble, responsive, and highly efficient engine for growth.
Don’t let outdated systems and fragmented data hold you back. The right e-commerce platform can seamlessly integrate with your existing systems, providing the visibility, flexibility, and automation you need to navigate the complexities of today’s global supply chain.
Time to get supply chain ready.
Use our report to access the latest insights on supply chain survival.
