Trends come and go, but in business, they can have a distinct impact on the way we move forward and how we pursue success. As a company working with a complex supply chain, it’s important to highlight these trends so you can get ahead of your competitors, save on valuable resources and build a loyal client following.
Looking ahead, it’s clear that many trends will be affected by the global pandemic, with companies looking for new socially-distant and compliant ways to satisfy more customers, expand their reach and streamline those overly complicated processes without risking health or reputation. Here we’ll take a look at the recent trends in supply chain management.
Supply chain digitization
Investing in a new software package to help your supply chain reach its full potential is a trend we can all get behind. As businesses continue to adapt to the ever-changing new landscape, digitization is no longer a ‘nice to have’ but a necessity for future survival. Supply Chain Management Solutions are at the forefront of this trend, automating tasks such as order processing, invoicing, and shipment tracking as well as other features including full inventory management and demand forecasting.
These features not only give you full visibility of your supply chain but also allow you to move fast in making business-critical decisions that can help reduce the overall costs associated with administrative tasks
As all your supply chain data is centralized in one manageable location, opening up lines of communication and improving your relationships with suppliers and vendors alike means fewer logistical and inventory-based errors. This cloud-based software will certainly benefit fast-growing SMEs, who’ll have the logistical and supply chain proficiencies of a much larger business without the hefty price tag.
Greener solutions
The sustainability and greener living solutions trend shows no sign of stopping and it’s already making waves within supply chain management. Essentially, if businesses want to get in on the trend and build on their client base, they need to change the way their supply chain and logistical processes work.
Supply chains and logistics that put eco-friendly solutions at their very core can expect growth in their yearly turnover. Simple changes such as switching from plastic packaging to cardboard or recyclable materials is a small step that can make a huge difference. Reducing your carbon footprint and maintaining high levels of sustainability across the supply chain is much more appealing to the ever-growing list of ‘conscious consumers’ that your business may wish to target.
And finally, embracing a circular supply chain
You’re used to a linear supply chain. The process where raw materials are used to create a product that is then distributed and the excess simply thrown away. It’s been the same way for decades, but now a new trend is highlighting, not just the environmental impact, but the dead-end cost that is quietly killing your revenue.
Embracing a circular supply chain means saving money and growing the value of not only your supply chain but your entire business. This new circular chain involves manufacturers and sellers taking those waste materials and remaking or refurbishing them for resale.
By reusing these parts, companies not only improve their sustainability (a factor that is attractive to clients) but also get the maximum life out of the materials they purchase. A circular supply chain is a smart, eco-friendly and cost-effective way to streamline your supply chain.
Supply chain trends are regularly being updated, with processes being modernized all the time. Make sure you keep yours up to date and in line with the latest technology and trends so that your business doesn’t fall behind.
Interesting related article: “What is a Circular Economy?”