The pandemic in 2020 forced supply chains to grow exponentially in a short span of time because all the leading companies were seeking to thrive in a logistical landscape. The companies shifted from a low cost supply chain to a more resilient and agile framework. This huge shift has led into supply chain leaders planning to invest in resiliency.
This major change in supply chain management in 2022 has led us to a major question: what this industry is focusing on in 2022.
So, let’s look at what the supply chain industry is focusing on.
As we have seen in these past years, having visibility in the supply chain management system is important because it allows companies to work on their weakness and create strength, easily control their cost and spend time in planning their growth with more visibility.
In coming years most of the global product centric enterprises will have a real time visibility platform. These platforms will help consumers track their orders in real time and release the burden from the customer’s support team. These real time platforms will also help in forecasting transportation cost and control it. Without visibility in this process it would have been impossible.
Transparency gives business owners the ability to align their transportation budget with their business budget.
Real time data:
Real time data is also a focus of the supply chain industry in 2022. Many supply chain leaders have felt that internal and external real time data helps in cost control, address procedural gaps, measure performance and create transparency in supply chain cost.
Eliminating the hassles in between and shifting to real time data management improves decision making and performance of the company and teams involved.
During pandemic 2020, supply chain companies realized resiliency will determine the success or failure of companies. They have tried to be adaptable with their process according to the situation but many economists believe that it will take more than the first half of 2022 to get things back to normal.
The companies have increased their resiliency by rebalancing on shore, near shore, off shore strategies for their manufacturing locations in the past 2 years. The companies have also optimized their inventory strategies and planned their inventory according to the demand of the situation.
By doing all this companies have controlled their cost in the supply chain and figured out problems or unnecessary costs. Resiliency also allowed companies to figure out their weaknesses and areas of improvements which otherwise would never be noticed.
Future of supply chain management
Supply chain management companies have evolved rapidly and this has led them to be innovative, adopt new technology that gives visibility, data quality, optimizing supply chain transportation costs and always be prepared for the future.
Now, in 2022 and upcoming years companies have to maintain their focus on these elements and always be updating themselves in order to be successful.