Supply Chain Trends to Watch for in 2024

January 15, 2024

The global supply chain industry has been gearing up for significant changes, driven by technological advancements and a commitment to overcome challenges, according to a recent article from Boss Magazine. The Association for Supply Chain Managment (ASCM) also states that with inflation pressures and the ever-changing dynamics of supply and demand, supply chain professionals are likely to embrace cutting-edge solutions to enhance efficiency and resilience. 

Agility and Resilience

In 2024, supply chain resilience emerges as a strategic priority, interwoven with digitization, optimization, and sustainability. Agility will require new capabilities and tools, including machines capable of faster changeovers and handling a wider range of products and shipment types, collaborative AI, smart packaging, and more, according to the ASCM. The past few years have shown that a holistic approach not only ensures adaptability in the face of change but also fortifies the supply chain against unforeseen challenges, laying the foundation for a robust and future-ready ecosystem.

Increased Tracking

Data privacy concerns are top-of-mind for many consumers as they begin to recognize the amount of tracking happening by third-party viewers and online platforms. Certain sectors are grappling with the pushback against extensive activity tracking, but supply chain professionals are championing increased tracking. Increased tracking ensures precision across the supply chain, from initial sourcing to final delivery. This heightened visibility not only enhances security measures but also allows for quicker response to potential issues, minimizing disruptions. For example, companies like Chipotle Mexican Grill are utilizing RFID technology to track ingredients in real-time, providing an outstanding level of control and visibility.

AI Technologies

Though artificial intelligence (AI) has been an important part of the supply chain process, the Boss Magazine article states that this year is poised to witness the integration of more AI in the transportation facet of the supply chain. Automated systems and algorithms will be used to enhance route planning, minimize transit times, and improve overall efficiency. AI-driven solutions will provide real-time insights, allowing for adjustments in response to changing conditions, traffic, and unforeseen disruptions. Recognizing the pivotal role played by truck drivers, businesses are also turning to AI solutions to address concerns such as distracted driving. AI dashcams, that detect distracted driving behaviors, can issue real-time alerts to drivers and automated coaching and in-cab alerts, powered by AI, are also becoming instrumental in enhancing driver performance and protecting the safety net of the supply chain.

Demand Planning Solutions

The worry of supply chain professionals will always be managing supply and demand. However, 2024 is set to witness a surge in the adoption of demand planning solutions. These forward-looking solutions offer a strategic approach to balancing inventory levels, mitigating risks associated with overstocking or stockouts. Advanced analytics and machine learning algorithms will enable organizations to sense changes in consumer behavior and market trends in real-time, so businesses can optimize inventory management, ensuring cost efficiency and performance standards.

Companies can expect to witness a widespread and deeper integration of technology and AI across various facets of the supply chain in 2024. From transportation optimization to demand forecasting and risk management, these technologies will play a pivotal role in shaping a more resilient, efficient, and adaptive supply chain ecosystem.

Sources:

https://thebossmagazine.com/supply-chain-trends-to-watch-for-in-2024/

https://www.ascm.org/ascm-insights/ascms-top-10-supply-chain-trends-in-2024/

The Latest

Check out the most recent posts