Trends to Watch in the Supply Chain Industry
The myth about the future and what to expect sometimes appears like an imagination that can never be true. However, a look at the world as it is today reveals that the realities of some things are here with us. It is the nature of change and for those who expect to succeed in the supply chain industry, there are some aspects to keep in mind, which align you with latest developments.
The redundancy factor
Efficiency is essential in the supply chain industry but often, unexpected disruptions such as equipment failures, or natural disasters, may deal a blow to operations. When such eventualities happen, they curtail efficiency and most individuals in the supply chain sector; do not have a backup plan to address such issues. Therefore, it is worthwhile to have a plan such as storage of other products at a third-party location, to overcome these challenges.
Some of the factors that affect supply chain operations to a great extent are transportation costs and the time factor in deliveries. These are serious problems that those in the industry need to plan for and overcome continuously. In the days ahead, there will be a change from outsourcing to next-shoring or what you may term as on-shoring. The implication here is that production happens right where you will sell the goods.
Technology makes this kind of visibility possible and in the supply chain industry; executives have a particular interest in this approach. It means that clients are in a position to track their supplies from wherever they are, right from when they place an order, to the time they receive the delivery.