The COVID-19 outbreak has revamped the way we do business today. And just like any other industry it had a huge impact on the supply chain and logistics industry as well. Most businesses went downhill during the economic crisis. Nonetheless, with the change in consumer demand and in the era of e-commerce, supply chain management has been experiencing a surge.
With the changing business scenario companies worldwide are striving to achieve a competitive edge by improving efficiency, minimizing risk, and optimizing execution. And just like that the supply chain industry is also adapting to newer methods and trends.
With that, let's talk about the latest trends in supply chain management for 2023.
Here are some of the supply chain trends to watch out for in 2023:
Sustainability is becoming an increasingly important factor for companies as they aim to contribute towards making a positive impact on the environment while fulfilling customers’ demands. In 2023, we can expect to see more companies adopting sustainable supply chain practices, including the use of renewable energy, sustainable sourcing, and circular economy models.
The use of digital technology in supply chain management will continue to grow in 2023 since more companies are adopting technologies like artificial intelligence (AI), machine learning (ML), and blockchain to improve supply chain efficiency.
The disruptions caused by the pandemic have thrown light on the importance of risk management and resilience in the supply chain industry. In 2023, we expect companies to invest in supply chain risk management to mitigate disruptions and improve business operations. Supply Chain managers must use predictive analytics to foresee developing risks before they develop into serious issues.
Consumers are increasingly demanding more transparency and traceability in the products they purchase, particularly when it comes to sustainability and ethical sourcing. In 2023, we expect to see more companies adopting technologies like blockchain to provide greater transparency and traceability throughout the supply chain process.
As supply chains become more complex, companies are understanding the importance of collaboration and partnerships. Collaborative planning with suppliers, logistics providers, and other stakeholders will improve supply chain efficiency, sustainability, and resilience.
With the rise of IoT-enabled products in the market, there is a need for networks that are capable of accommodating a vast number of devices. 5G can support 100 times more devices than 4G networks. With the transforming digital scenario, a robust network is a must for swift and flawless communication between processes, machinery, and users. 5G can help improve quality and optimize the supply chain elements, including transportation, distribution, and warehouse management.
These trends in supply chain management reflect the increasing importance of sustainability, digitization, and risk management along with the growing emphasis on transparency, traceability, and collaboration.
With the introduction of digitalization in supply chain management, the industry demands skilled professionals with strong analytical skills to manage advanced technology. Companies are hiring young MBA graduates who possess the latest industry skills, and an understanding of the upcoming trends.
Therefore, if you are looking to make a career in the supply chain and logistics industry, it is the right time to pursue an MBA in supply chain management from one of the top MBA colleges for supply chain management in India. With an industry-integrated curriculum in collaboration with Tech Mahindra Smart Academy, BIBS aims to incorporate focused classroom learning and practical on-field training to make you industry ready.
Explore New Career Heights with an MBA in Supply Chain Management!
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